
Class H Cc A_k 

Book ■ PH7 

Copyright N?. 



COPYRIGHT DEPOSIT. 



INTEREST TABLES 




1812-1905 



~~^~ 



I N 



THE NATIONAL CITY BANK 

OF NEW YORK 



MCMV 






,K 



K 



LIBRARY of CONGRESS 


Two Copies 


rteceivca 


JAN 3 


1905 


CoDyri£(ii 


cm try 


&ZH.3, 


iqo*} 


cuss «fl 


XXc. Not 


COPY B. ' 



Copyright 1905 

The National City Bank 

of New York 




INTRODUCTION 



X 



1 



"^HE design of the National City 
Bank of New York in preparing 
this book is to present in com- 
pact form such interest calcula- 
tions as will be of practical use to bankers. 
Such actuarial calculations as would 
appeal more to mathematicians than busi- 
ness men have been eliminated. The 
tables are in simple form and furnish 
as a basis the interest on one dollar for 
any number of days up to 360 and the 
interest for one day on any sum from $1 
to $360. They are susceptible of use in 
innumerable combinations which will sug- 
gest themselves to any man familiar with 
interest computations. In many cases 
interest can be figured by inspection and 
the chances of error in the use of the tables 
have been reduced to a minimum. 

A separate section has been made of the 
actuarial computations of interest on the 
existing issues of Government bonds. In 
ordinary interest calculations a 360 day 

[v] 



Simple 

Interest 

Cables 



Interest on 

Government 
Bonds 



The National City Bank 



year is taken as a basis. This method of 
figuring interest is practically universal. 
Commercial interest tables are worked out 
on the 360 day basis. A notable excep- 
tion is in the calculation of interest on 
Government securities. All such interest 
computations are based on a 365 day year. 
Interest on Government bonds is payable 
quarterly and the interest periods arbi- 
trarily fix the length of the quarters. 
These range from eighty-nine to ninety- 
two days and in consequence a day's 
interest is a trifle greater or less in one 
quarter than another at the same rate and 
for identical amounts. 
Interest Eaw$ With the interest tables are embodied 



ana 
holidays 



the conditions imposed by legislation and 
custom which have a bearing on interest 
calculations. These conditions, in the 
main, grew out of legislative enactments of 
the various states. The United States 
statutes prescribe certain restrictions 
governing national banks as to interest, 
but these are subject to modification by 
state enactments. The regulations of 

[vi] 



Introduction 



each state are given as to interest rates, 
days of grace, holidays and the operation 
of the Statutes of Limitation. The states 
which have adopted the uniform negotiable 
instrument law are indicated. All the 
facts covering these various points have been 
carefully reviewed by competent attorneys. 

It is recognized that an interest book in ftew VorR 
the hands of bank officers and high grade Banking 
bank employees offers an excellent oppor- WwlltiCS 
tunity for the presentation of the facilities 
of the National City Bank of New York 
for representing correspondent banks. 
Accounts of banking institutions are desired 
and the National City Bank has advanced 
ideas as to the mutually profitable rela- 
tions which should exist between asso- 
ciated banks. The facilities of the 
National City Bank for efficiently repre- 
senting out-of-town institutions are set 
forth briefly. Some of them are of a 
special nature and some of them grow out 
of the specialization of departments of a 
bank with extensive resources and excep- 
tional connections in this country and 
abroad. r .. -, 



CONTENTS 



PAGE 

Short Cuts in Interest 1 

Interest Tables 11 

Calendar Showing Time in Days . . . 14 

Interest Table Calculations . . . . 16 

Service of a New York Correspondent . . 40 

Government Bond Interest .... 49 

Government Bond Actuarial Tables . . 53 
Laws Regarding Interest, Usury and 

Holidays, by States .... 59 



[i: 



SHORT CUTS IN INTEREST 



S 



HORT cuts in interest are designed CifflC Saving 

to assist in saving time for the 
banker. Without any great amount 



of practice the mind is gradually 
trained to quick impressions of the approx- 
imate interest on any sum for a given time, 
as well as rapid computation of exact fig- 
ures with but slight mental effort. 

There are four quantities involved in 
every interest problem- — principal, rate, 
time, interest. To arrive at the last, the 
first sum is multiplied by the second and 
the result by the third, as, for example, the 
interest on ten thousand dollars for one- 
half year at 6% is three hundred dollars 
(10,000 X .06 X 1=300). 

But the result is the same without regard 
to the order in which the figures are placed 
and the time may be expressed in days 
as fractional parts of a year, as in the fol- 
lowing different ways of expressing the 
same problem. 

[1] 



The National City Bank 



I X .06 X 10,000 



10,000 X •• .06 X Ul 
10,000 X .06 X 180-360 

B4$i$ Of all A moment's study of the last method 
reveals that the rate may be disposed of by 
]Hct!)0d$ dividing by one-sixth part of three hundred 
and sixty and by one hundred, instead of 
multiplying by six one-hundredths and 
dividing by the number of days in the year. 
This reduces the example given to 

(10,000-100) X (180-60) or 

180 X (10,000-100) -60=300 

and establishes the foundation of all short 
ways of figuring interest, viz., to memorize 
the divisor for each rate (i. e. 360 divided 
by the rate) and to select the simplest 
method of multiplying the principal by the 
days and vice versa. 

The divisors for various rates are given 
in the following list and as it is frequently 
easier to divide by the factors of a number 
than by the number itself, these are also 
given. 



[2] 



Short Cuts in Interest 



2 % divide by 


180 (10X2X9) 




9%% 


a 


a 


160 (10X2X8) 


factors of 


3% 


a 


a 


120 (10X2X6) 


Ordinary 


4% 


a 


a 


90 (10X9) 


Divisors 


H% 


a 


a 


80 (10X8) 




5% 


a 


a 


72 ( 6 X 12) or 
( 8X 9) 




6% 


a 


a 


60 (10 X 6) 




8% 


a 


a 


45 ( 5X 9) 




9% 


a 


a 


40 (10 X 4) 




10% 


a 


a 


36 ( 6X 6) 





In the case of 5%, dividing by 72 or by 
its factors are all rather lengthy operations 
for mental work and the calculation will be 
easier if one- third and one-sixth of the third 
are added to the amount to be divided and 
the decimal moved two points to the left 
in the result. This method is based on 
the fact that the result, after dividing a 
number by itself is one-hundredth part of 
the sum of the number and the difference 
between the number and one hundred. In 
other words, to divide 72 by 72 is the same 
as adding 72 and 28 and dividing the total 
by 100. The most convenient way to add 
28 for each 72 contained in an amount is 

[3] 



The National City Bank 



to add one- third (72 -*- 3 = 24) and one- 
sixth (24 - 6 = 4) (72 + 24 + 4 = 100). 
Special Rate As there are no convenient divisors for 
Computations the rates not given in the foregoing list, the 
required interest may be obtained by using 
a rate which can be easily adjusted to the 
figures desired. The following list shows 
how they may be arranged to advantage. 



1% ■■ 


= tV of 10% 




n%- 


= I of 5% 




\\% 


= 1 of 6% 




\\%- 


= 2% less i 




*\% 


= \ of 5% 




i\% 


= 3% less T V 




3%% 


= 3% plus T V 




3\% 


= 4% less i 




3|% 


= 3% plus i 
or 41% less i 




41%: 


= 4% plus T V 




4f% 


= 5% less 2V 




5i% 


= 5% plus 2V 




5i% 


= 5% plus T V 




6i% 


= 6% plus T V 




7 % : 


= 6% plus i 




7i% 


= 6% plus 1 




In multiplying the principal by 


the days 


e work can 


at times be simplified by 




[4] 





Short Cuts in Interest 



separating the days into quantities corres- 
ponding to the divisor for the rate required 
or the operation may be reversed by treat- 
ing the principal in a similar way. Also, 
where there are several computations to be 
made relating to one problem, the various 
quantities may be readjusted so that either 
the principal, rate or time will be one, or 
ten, or one hundred, etc. 

The following examples are arranged to Illustrations 
illustrate each of these time-saving devices Of ClltlC Sating 
in a practical way. The decimals are car- 
ried mentally until the work is completed. 

No. 1. Showing the use of the divisor 
corresponding to the rate and the method 
of disposing of the principal when it is one 
and one or more ciphers. 

To figure the interest on $10,000 @ 6% 

for 157 days — 
Divide the days (157) by 6 26.167 

Move the decimal point one place 

to the right $261.67 

No. 2. Showing the use of factors of the 
divisor and when it is more convenient to 
multiply the days by the principal. 

[5] 



The National City Bank 



To figure the interest on $25,250 @ %\% for 
59 days — 

Divide the number of days (59) 
by 4 to ascertain the number of 
days on $100,000 which is equiv- 
alent to 59 days on $25,000 14.75 

Divide the result by 100 to ascer- 
tain the number of days on 
$100,000, which is equivalent 
to 59 days on $250. .1475 



Add these two amounts 14.8975 

Divide by 2 7.4487 

" 8 .9311 

Move the decimal point two places 

to the right $93.11 

Some Tfoe No. 3. Showing the different 5% methods 
Per Cctlt an( i when it is more convenient to mul- 
tiply the principal by the days. 

To figure the interest on $23,170 @ 5% for 

55 days — 
Multiply 23,170 by 50 1,158,500 

23,170 by 5 115,850 



Add these two amounts 




1,274,350 


Divide by 8 
" " 9 






159,294 






17,699 


Move the decimal 


point 


two 




places to the left 


[6] 




$176.99 



Short Cuts in Interest 



or, 

Divide 1,274,350 by 12 

Move the decimal point 
places to the left 


two 


106,196 
17,699 

$176.99 


or, 

Take 

add one- third 
one-sixth 




1,274,350 

424,783 

70,797 


Total 

Move the decimal point 
places to the left 


Pour 


1,769,930 
$176.99 



No. 4. Showing the method of figuring jj gotWCttiettt 
by a convenient rate and adjusting the result flat* Selected 

to some other rate, as well as the separation 
of the days into parts, each earning 
one per cent, or a part of one per cent, of 
the principal. 
To figure the interest on $41,762 @ 

3f% for 69 days, first ascertain 

what the result would be at 4 \% . 

As the principal would earn one 

per cent, in eighty days, 



40 days 


@H% 


= i% 


208.81 


20 " 


@*i% 


= i% 


104.40 


8 " 


@4i% = 


=iV% 


41.76 


1 " 


@4£%: 


— 1 °y< 


5.22 


Interest at k\% 






360.19 


Deduct one-sixth 






60.03 


Interest at 3f% 






$300.16 



[7] 



The National City Bank 



Another method of calculating 3f% on the 

same principal is as follows : 
For 60 days at 6% move decimal 

point two places to the left 417.62 

6 days @ 6% ( T V of 60 days) 41.76 

3 " " 6% (i of 6 days) 20.88 



69 days @ 6% = 

At 3% (i of above) 
| of l%=iof 3% or 



480.26 

240.13 
60.03 



Interest 



3\% 



$300.16 

Adjustment No. 5. Showing how several changes in 
Of Changes the rate may be adjusted. 
in Rates The i nter est on $25,000 for 

15 days @ 2% equals 30 days 



\% 



12 



2f^o 
3\% 



27 


a << <c 


13.75 


(< cc a 


22.75 


a it a 




a a a 


93.50 


a a a 




15.5833 




2.5972 



Aggregate equals 

Divide 93.50 by 6 

Divide the result by 6 

For interest on $100,000 move 
decimal point two places to the 
right $259.72 

Divide by 4 for interest on 

$25,000 $64.93 



[8] 



Short Cuts in Interest 



No. 6. Showing several notes of like 
amounts running to various dates. 

The interest @ 4% on $5,000 for 16 days 

5,000 " 19 " 
5,000 " 37 " 
5,000 " 23 " 

is equal to the interest on 

$5, 000 for 95 " 

Divide by 9 and move the deci- 
mal point one place to the 
right for interest on $10,000 $105.55 

Divide by 2 for interest on 

$5,000 $52.78 

No. 7. Showing notes of different 
amounts running to various dates. 
The interest @ 4\% on 



$3,000 for 27 days 


= 81 days 

= 90 " 


on $1,000 


2,500 " 36 " 


on 1,000 


1,000 ) 






1,700 \ " 40 " 


= 180 " 


on 1,000 


1,800 ) 






5,500 " 56 " 


= 308 " 


on 1,000 


4,000 " 58 " 


= 232 " 


on 1,000 


3,000 " 60 " 


= 180 " 


on 1,000 


Aggregate equals 


1071 " 


on 1,000 


Divide 1071 by 8 




$133.88 



Equal 
Amounts 

for 
Uarying 
Periods 



[9] 



The National City Bank 



Interest 



Commercial If it is desirable to change commercial 
anfl interest (360 days to the year) to actual 
JRtnal interest (365 days to the year) this may be 
done by deducting one seventy-third. The 
short way of finding one seventy-third of a 
number as explained on page 3 is to add 
one- third and eleven one hundredths of one- 
third to the number and take one per cent, 
of the resulting total. 

To illustrate: If commercial interest on 
a given sum is $90.00 

add one-third 30.00 

add eleven one-hundredths 3.30 



$123.30 
Move the decimal two points 1.23 

to the left or take one per cent. 

Commercial interest $90.00 

Deduct 1.23 



Actual interest $88.77 



[10] 



or Dollars 
Cables 



INTEREST TABLES 

WHILE " short cuts" in figuring Alternative 
interest are of practical use to 
discount clerks in large banks 
who are almost constantly 
making such calculations, a condensed 
practical "interest table" is of great service 
to the bank officer or employee among whose 
many duties the figuring of interest is but 
one. The tables given herewith are based 
on the theory of reducing all interest cal- 
culations to either the basis of interest for 
one day on a given number of dollars or 
interest on one dollar for a given number 
of days. They are alternative "days or 
dollars" tables. It is patent that the in- 
terest for one day on $200 is the same as the 
interest on one dollar for 200 days. 

The character of the calculation will 
determine the method of applying the table. 
If the sum is less than $360, the tables will 
suggest the feasibility of taking one day's 
interest on the amount and multiplying it 

[111 



The National City Bank 



into the number of days for which interest 
is required. If the sum is over $360, it may 
be found more direct to take interest for the 
given time on one dollar and multiply it 
into the principal. 

To figure interest on $343 at 4% for 46 
days the formula would be 

.038111 (interest one day on $343) X 46 

=$1.75. 

Interest on $1,370 for 23 days at 4 per 
cent, would be reached as follows 

.002556 (interest on one dollar for 23 days) 
X 1370=$3.50. 

ClK Position A little study of the tables will show their 
greater use in figuring interest at sight. 

Decimal Point Interest is represented in decimals of six 
places. The moving of the decimal point 
one place to the right represents the interest, 
with either the principal or number of days, 
multiplied by 10. If the interest at 6 per 
cent, for one day on $335, or on one dollar 
for 335 days, is .055833, the interest on 
$335 for ten days, or on $3,350 for one 

[12] 



Interest Tables 



day, will be .55833. On $33,500 the 
interest at the same rate for one day 
will be $5.5833 and on $335,000 for one day 
will be $55,833. Other short methods of 
figuring interest by the use of the tables 
will suggest themselves to any one making 
use of them. 

The tables are arranged to show interest Celt different 
at ten different rates, with the decimal^Wterest Jfate$ 
carried out to six places. In reducing the 
time in interest problems to days the 
calendar or "time-table" on the next two 
pages will be found serviceable. The 
directions for its use are simple and readily 
followed. The calculations are based on a 
365 day year. If the interest period in any 
problem includes February of a leap year, 
one day is to be added to the number of 
days indicated by the use of the table. This 
particular table is to be read across two 
pages. It has not been practicable for 
typographical reasons to present the figures 
on a single page. The brief directions for 
use of the calendar are placed directly above 
it. 

[13] 



The National City Bank 



Calendar 

Showing 

time in Days 



To find the time in days between any two given 
dates, within any period of 365 days, start at the left 
hand side with the month of the first date and follow 
across the pages until the column containing the 
month of the second date is reached. The amount 
at this intersection is the time in days, except when 
the day of the month is not the same in both dates. 
In that case, take the difference between them and 
add to or deduct from the amount shown. 





Jan. 


Feb. 


Mar. 


Apr. 


May 


June 


January.. . . 


365 


31 


59 


90 


120 


151 


February. . . 


334 


365 


28 


59 


89 


120 


March 


306 


337 


365 


31 


61 


92 


April 


275 


306 


334 


365 


30 


61 


May 


245 


276 


304 


335 


365 


31 


June 


214 


245 


273 


304 


334 


365 


July 


184 


215 


243 


274 


304 


335 


August 


153 


184 


212 


243 


273 


304 


September.. 


122 


153 


181 


212 


242 


273 


October. . . . 


92 


123 


151 


182 


212 


243 


November. . 


61 


92 


120 


151 


181 


212 


December . 


31 


62 


90 


121 


151 


182 



Investment bonds offered by the National City Bank are secur- 
ities which have been selected after»careful investigation. 



[141 



Interest Tables 



If the time required includes February of a leap- 
year, add one day. 

ILLUSTRATIONS 



By consulting the table: 
January 9th to September 9th 



2d " 
19th " 



, ~,i (add the differ- 
lotn pnceot 13 days) 



gives 243 days TllUStratlOIIS 

256 « of Use of 



3d fcfifigS* - 227 - cable 



July 


Aug. 


Sept. 


Oct. 


Nov. 


Dec. 




181 


212 


243 


273 


304 


334 


.... January 


150 


181 


212 


242 


273 


303 


. . . February 


122 


153 


184 


214 


245 


275 


March 


91 


122 


153 


183 


214 


244 


April 


Gl 


92 


123 


153 


184 


214 


May 


30 


61 


92 


122 


153 


183 


June 


365 


31 


62 


92 


123 


153 


July 


334 


365 


31 


61 


92 


122 


.... August 


303 


334 


365 


30 


61 


91 


. .September 


273 


304 


335 


365 


31 


61 


. . . October 


242 


273 


304 


334 


365 


30 


. . November 


212 


243 


274 


304 


335 


365 


. . December 



The National City Bank has relations 
commercial importance. 



in all foreign cities of 



[15] 



The National City Bank 





Days 
or 


2 


2K 


3 


3^ 


4 


Interest on 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


$1.00 














1 to 30 days 


1 


000056 


000069 


000083 


000097 


000111 




2 


000111 


000139 


000167 


000194 


000222 


or for l day 
on 

$1.00 tO $30.00 


3 


000167 


000208 


000250 


000292 


000333 


4 


000222 


000278 


000333 


000389 


000444 


5 


000278 


000347 


000417 


000486 


000556 
















6 


000333 


000417 


000500 


000583 


000667 




7 


000389 


000486 


000583 


000681 


000778 




8 


000444 


000556 


000667 


000778 


000889 




9 


000500 


000625 


000750 


000875 


001000 




10 


000556 


000694 


000833 


000972 


001111 




11 


000611 


000764 


000917 


001069 


001222 




12 


000667 


000833 


001000 


001167 


001333 




13 


000722 


000903 


001083 


001264 


001444 




14 


000778 


000972 


001167 


001361 


001556 




15 


000833 


001042 


001250 


001458 


001667 




16 


000889 


001111 


001333 


001556 


001778 




17 


000944 


001181 


001417 


001653 


001889 




18 


001000 


001250 


001500 


001750 


002000 




19 


001056 


001319 


001583 


001847 


002111 




20 


001111 


001389 


001667 


001944 


002222 




21 


001167 


001458 


001750 


002042 


002333 




22 


001222 


001528 


001833 


002139 


002444 




23 


001278 


001597 


001917 


002236 


002556 




24 


001333 


001667 


002000 


002333 


002667 




25 


001389 


001736 


002083 


002431 


002778 




26 


001444 


001806 


002167 


002528 


002889 




27 


001500 


001875 


002250 


002625 


003000 




28 


001556 


001944 


002333 


002722 


003111 




29 


001611 


002014 


002417 


002819 


003222 




30 


001667 


002083 


002500 


002917 


003333 



The National City Bank furnishes its correspondents with tele- 
graphic codes to insure secrecy and dispatch in correspondence. 

[16] 



Interest Tables 



Days 

or 


VA 


5 


5A 


6 


' 7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Tntef est on 














$1.00 


1 


000125 


000139 


"000153 


000167 


000194 


i to 30 days 


2 


000250 


000278 


000306 


000333 


000389 




3 


000375 


000417 


000458 


000500 


000583 


or for i day 
on 


4 


000500 


000556 


000611 


000667 


000778 


5 


000625 


000694 


000764 


000833 


000972 














$1.00 tO $30,00 


6 


000750 


000833 


000917 


001000 


001167 




7 


000875 


000972 


001069 


001167 


001361 




8 


001000 


001111 


001222 


001333 


001556 




9 


001125 


001250 


001375 


001500 


001750 




10 


001250 


001389 


001528 


001667 


001944 




11 


001375 


001528 


001681 


001833 


002139 




12 


001500 


001667 


001833 


002000 


002333 




13 


001625 


001806 


001986 


002167 


002528 




14 


001750 


001944 


002139 


002333 


002722 




15 


001875 


002083 


002292 


002500 


002917 




16 


002000 


002222 


002444 


002667 


003111 




17 


002125 


002361 


002597 


002833 


003306 




18 


002250 


002500 


002750 


003000 


003500 




19 


002375 


002639 


002903 


003167 


003694 




20 


002500 


002778 


003056 


003333 


003889 




21 


002625 


002917 


003208 


003500 


004083 




22 


002750 


003056 


003381 


003667 


004278 




23 


002875 


003194 


003514 


003833 


004472 




24 


003000 


003333 


003667 


004000 


004667 




25 


003125 


003472 


003819 


004167 


004861 




26 


003250 


003611 


003972 


004333 


005056 




27 


003375 


003750 


004125 


004500 


005250 




28 


003500 


003889 


004278 


004667 


005444 




29 


003625 


004028 


004431 


004833 


005639 




30 


003750 


004167 


004583 


005000 


005833 





t Credit will be extended by the National City Bank on the most 
liberal terms consistent with sound banking principles. 

[17] 



The National City Bank 





Days 

or 


2 


2 J A 


3 


3^ 


4 


Interest on 

$1.00 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 














31 to 60 days 


31 


001722 


002153 


002583 


003014 


003444 




32 


001778 


002222 


002667 


003111 


003556 


or for l day 


33 


001833 


002292 


002750 


003208 


003667 


on 


34 


001889 


002361 


002833 


003306 


003778 


$31.00 tO $60.00 


35 


001944 


002431 


002917 


003403 


003889 




36 


002000 


002500 


003000 


003500 


004000 




37 


002056 


002569 


003083 


003597 


004111 




38 


002111 


002639 


003167 


003694 


004222 




39 


002167 


002708 


003250 


003792 


004333 




40 


002222 


002778 


003333 


003889 


004444 




41 


002278 


002847 


003417 


003986 


004556 




42 


002333 


002917 


003500 


004083 


004667 




43 


002389 


002986 


003583 


004181 


004778 




44 


002444 


003056 


003667 


004278 


004889 




45 


002500 


003125 


003750 


004375 


005000 




46 


002556 


003194 


003833 


004472 


005111 




47 


002611 


003264 


003917 


004569 


005222 




48 


002667 


003333 


004000 


004667 


005333 




49 


002722 


003403 


004083 


004764 


005444 




50 


002778 


003472 


004167 


004861 


005556 




51 


002833 


003542 


004250 


004958 


005667 




52 


002889 


003611 


004333 


005056 


005778 




53 


002944 


003681 


004417 


005153 


005889 




54 


003000 


003750 


004500 


005250 


006000 




55 


003056 


003819 


004583 


005347 


006111 




56 


003111 


003889 


004667 


005444 


006222 




57 


003167 


003958 


004750 


005542 


006333 




58 


003222 


004028 


004833 


005639 


006444 




59 


003278 


004097 


004917 


005736 


006556 




60 


003333 


004167 


005000 


005833 


006667 



All the details of depositing government bonds in "Washington 
will be attended to by the National City Bank without charge. 

[18] 



Interest Tables 



Days 
or 


VA 


5 


5A 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 














$1.00 


31 


003875 


004306 


004736 


005167 


006028 


3i to 60 days 


32 


004000 


004444 


004889 


005333 


006222 


33 


004125 


004583 


005042 


005500 


006417 


or for l flay 
on 

$31.00 tO $60.00 


34 


004250 


004722 


005194 


005667 


006611 


35 


004375 


004861 


005347 


005833 


006806 


36 


045000 


005000 


005500 


006000 


007000 




37 


004625 


005139 


005653 


006167 


007194 




38 


004750 


005278 


005806 


006333 


007389 




39 


004875 


005417 


005958 


006500 


007583 




40 


005000 


005556 


006111 


006667 


007778 




41 


005125 


005694 


006264 


006833 


007972 




42 


005250 


005833 


006417 


007000 


008167 




43 


005375 


005972 


006569 


007167 


008361 




44 


005500 


006111 


006722 


007333 


008556 




45 


005625 


006250 


006875 


007500 


008750 




46 


005750 


006389 


007028 


007667 


008944 




47 


005875 


006528 


007181 


007833 


009139 




48 


006000 


006667 


007333 


008000 


009333 




49 


006125 


006806 


007486 


008167 


009528 • 




50 


006250 


006944 


007639 


008333 


009722 




51 


006375 


007083 


007792 


008500 


009917 




52 


006500 


007222 


007944 


008667 


010111 




53 


006625 


007361 


008097 


008833 


010306 




54 


006750 


007500 


008250 


009000 


010500 




55 


006875 


007639 


008403 


009167 


010694 




56 


007000 


007778 


008556 


009333 


010889 




51 


007125 


007917 


008708 


009500 


011083 




58 


007250 


008056 


008861 


009667 


011278 




59 


007375 


008194 


009014 


009833 


011472 




60 


007500 


008333 


009167 


010000 


011667 





The system built up by the National City Banki s such that the 
small account receives the same attention as the large. 



[19] 



The National City Bank 





Days 
or 


2 


2^ 


3 


3K 


4 


Interest on 

$1.00 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 














6i to 90 days 


61 


003389 


004236 


005083 


005931 


006778 




62 


003444 


004306 


005167 


006028 


006889 


or for i day 


63 


003500 


004375 


005250 


006125 


007000 


on 


64 


003556 


004444 


005333 


006222 


007111 


$61.00 to $90.00 


Q5 


003611 


004514 


005417 


006319 


007222 




66 


003667 


004583 


005500 


006417 


007333 




67 


003722 


004653 


005583 


006514 


007444 




68 


003778 


004722 


005667 


006611 


007556 




69 


003833 


004792 


005750 


006708 


007667 




70 


003889 


004861 


005833 


006806 


007778 




71 


003944 


004931 


005917 


006903 


007889 




72 


004000 


005000 


006000 


007000 


008000 




73 


004056 


005069 


006083 


007097 


008111 




74 


004111 


005139 


006167 


007194 


008222 




75 


004167 


005208 


006250 


007292 


008333 




76 


004222 


005278 


006333 


007389 


008444 




77 


004278 


005347 


006417 


007486 


008556 




78 


004333 


005417 


006500 


007583 


008667 




79 


004389 


005486 


006583 


007681 


008778 




80 


004444 


005556 


006667 


007778 


008889 




81 


004500 


005625 


006750 


007875 


009000 




82 


004556 


005694 


006833 


007972 


009111 




83 


004611 


005764 


006917 


008069 


009222 




84 


004667 


005833 


007000 


008167 


009333 




85 


004722 


005903 


007083 


008264 


009444 




86 


004778 


005972 


007167 


008361 


009556 




87 


004833 


006042 


007250 


008458 


009667 




88 


004889 


006111 


007333 


008556 


009778 




89 


004944 


006181 


007417 


008653 


009889 




90 


005000 


006250 


007500 


008750 


010000 



The business and financial relations of the National City Bank 
are such that it can be of the widest service to correspondents.*;^^ 



[20] 



Interest Tables 



Days 

or 

Dollars 


Per Cent. 


5 

Per Cent. 


5Y* 

Per Cent. 


6 

Per Cent. 


7 

Per Cent. 


Interest on 

$1*00 














61 


007625 


008472 


009319 


010167 


011861 


61 to 90 days 


62 


007750 


008611 


009472 


010333 


012056 




63 


007875 


008750 


009625 


010500 


012250 


or for i day 


64 


008000 


008889 


009778 


010667 


012444 


on 


65 


008125 


009028 


009931 


010833 


012639 


$61.00 to $90.00 


66 


008250 


009167 


010083 


011000 


012833 




67 


008375 


009306 


010236 


011167 


013028 




68 


008500 


009444 


010389 


011333 


013222 




69 


008625 


009583 


010542 


011500 


013417 




70 


008750 


009722 


010694 


011667 


013611 




71 


008875 


009861 


010847 


011833 


013806 




72 


009000 


010000 


011000 


012000 


014000 




73 


009125 


010139 


011153 


012167 


014194 




74 


009250 


010278 


011306 


012333 


014389 




75 


009375 


010417 


011458 


012500 


014583 




76 


009500 


010556 


011611 


012667 


014778 




77 


009625 


010694 


011764 


012833 


014972 




78 


009750 


010833 


011917 


013000 


015167 




79 


009875 


010972 


012069 


013167 


015361 




80 


010000 


011111 


012222 


013333 


015556 




81 


010125 


011250 


012375 


013500 


015750 




82 


010250 


011389 


012528 


013667 


015944 




83 


010375 


011528 


012681 


013833 


016139 




84 


010500 


011667 


012833 


014000 


016333 




85 


010625 


011806 


012986 


014167 


016528 




86 


010750 


011944 


013139 


014333 


016722 




87 


010875 


012083 


013292 


014500 


016917 




88 


011000 


012222 


013444 


014667 


017111 




89 


011125 


012361 


013597 


014833 


017306 




90 


011250 


012500 


013750 


015000 


017500 





The National City Bank will carry the par value of government 
bond* for national banks taking out circulation, pending delivery of 
the notes. 



[21] 





The National City 


Bank 








Days 
or 


2 


2% 


3 


3K 


4 


Interest on 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent, 


$1.00 














91 to 120 days 


91 


005056 


006319 


007583 


008847 


010111 




92 


005111 


006389 


007667 


008944 


010222 


or for l day 
on 


93 


005167 


006458 


007750 


009042 


010333 


94 


005222 


006528 


007833 


009139 


010444 


95 


005278 


006597 


007917 


009236 


010556 


$91.00 tO $120.0C 
















96 


005333 


006667 


008000 


009333 


010667 




97 


005389 


006736 


008083 


009431 


.010778 




98 


005444 


006806 


008167 


009528 


010889 




99 


005500 


006875 


008250 


009625 


011000 




100 


005556 


006944 


008333 


009722 


011111 




101 


005611 


007014 


008417 


009819 


011222 




102 


005667 


007083 


008500 


009917 


011333 




103 


005722 


007153 


008583 


010014 


011444 




104 


005778 


007222 


008667 


010111 


011556 




105 


005833 


007292 


008750 


010208 


011667 




106 


005889 


007361 


008833 


010306 


011778 




107 


005944 


007431 


008917 


010403 


011889 




108 


006000 


007500 


009000 


010500 


012000 




109 


006056 


007569 


009083 


010597 


012111 




110 


006111 


007639 


009167 


010694 


012222 




111 


006167 


007708 


009250 


010792 


012333 




112 


006222 


007778 


009333 


010889 


012444 




113 


006278 


007847 


009417 


010986 


012556 




114 


006333 


007917 


009500 


011083 


012667 




115 


006389 


007986 


009583 


011181 


012778 




116 


006444 


008056 


009667 


011278 


012889 




117 


006500 


008125 


009750 


011375 


013000 




118 


006556 


008194 


009833 


011472 


013111 




119 


006611 


008264 


009917 


011569 


013222 




120 


006667 


008333 


010000 


011667 


013333 



The National City Bank is in touch with banking requirements 
in all parts of the country and is prepared to meet them. 



[22] 



Interest Tables 



Days 
or 


4^ 


5 


5 1 /* 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 














$1.00 


91 


011375 


012639 


013903 


015167 


017694 


9i to 120 days 


92 


011500 


012778 


014056 


015333 


017889 


93 


011625 


012917 


014208 


015500 


018083 


or for i day 
on 


94 


011750 


013056 


014361 


015667 


018278 


95 


011875 


013194 


014514 


015833 


018472 














$91.00 tO $120.00 


96 


012000 


013333 


014667 


016000 


018667 




97 


012125 


013472 


014819 


016167 


018861 




98 


012250 


013611 


014972 


016333 


019056 




99 


012375 


013750 


015125 


016500 


019250 




100 


012500 


013889 


015278 


016667 


019444 




101 


012625 


014028 


015431 


016833 


019639 




102 


012750 


014167 


015583 


017000 


019833 




103 


012875 


014306 


015736 


017167 


020028 




104 


013000 


014444 


015889 


017333 


020222 




105 


013125 


014583 


016042 


017500 


020417 




106 


013250 


014722 


016194 


017667 


020611 




107 


013375 


014861 


016347 


017833 


020806 




108 


013500 


015000 


016500 


018000 


021000 




109 


013625 


015139 


016653 


018167 


021194 




110 


013750 


015278 


016806 


018333 


021389 




111 


013875 


015417 


016958 


018500 


021583 




112 


014000 


015556 


017111 


018667 


021778 




113 


014125 


015694 


017264 


018833 


021972 




114 


014250 


015833 


017417 


019000 


022167 




115 


014375 


015972 


017569 


019167 


022361 




116 


014500 


016111 


017722 


019333 


022556 




117 


014625 


016250 


017875 


019500 


022750 




118 


014750 


016389 


018028 


019667 


022944 




119 


014875 


016528 


018181 


019833 


023139 




120 


015000 


016667 


018333 


020000 


023333 





The Monthly Bulletin of the National City Bank, "United 
States Securities and Government Finance," will be sent regularly 
on application. 



[23] 



The National City Bank 



Interest on 

$1.00 

121 to 150 days 


Days 

or 

Dollars 


2 

Per Cent. 


Per Cent. 


3 

rcr Cent. 


Per Cent. 


4 

Per Cent. 


121 


006722 


008403 


010083 


011764 


013444 


or for i day 


122 
123 


006778 
006833 


008472 
008542 


010167 
010250 


011861 
011958 


013556 
013667 


on 

$121.00 tO $150.00 


124 
125 


006889 
006944 


008611 
008681 


010333 
010417 


012056 
012153 


013778 
013889 




126 


007000 


008750 


010500 


012250 


014000 




127 


007056 


008819 


010583 


012347 


014111 




128 


007111 


008889 


010667 


012444 


014222 




129 


007167 


008958 


010750 


012542 


014333 




130 


007222 


009028 


010833 


012639 


014444 




131 


007278 


009097 


010917 


012736 


014556 




132 


007333 


009167 


011000 


012833 


014667 




133 


007389 


009236 


011083 


012931 


014778 




134 


007444 


009306 


011167 


013028 


014889 




135 


007500 


009375 


011250 


013125 


015000 




136 


007556 


009444 


011333 


013222 


015111 




L37 


007611 


009514 


011417 


013319 


015222 




138 


007667 


009583 


011500 


013417 


015333 




139 


007722 


009653 


011583 


013514 


015444 




140 


007778 


009722 


011667 


013611 


015556 




141 


007833 


009792 


011750 


013708 


015667 




142 


007889 


009861 


011833 


013806 


015778 




143 


007944 


009931 


011917 


013903 


015889 




144 


008000 


010000 


012000 


014000 


016000 




145 


008056 


010069 


012083 


014097 


016111 




146 


008111 


010139 


012167 


014194 


016222 




147 


008167 


010208 


012250 


014292 


016333 




148 


008222 


010278 


012333 


014389 


016444 




149 


008278 


010347 


012417 


014486 


016556 




150 


008333 


010417 


012500 014583 


016667 



Country banks desiring an extension of their New York facil- 
ities are invited to correspond regarding the establishment of 
reciprocal relations. 



[24] 



Interest Tables 



Days 

or 

Dollars 


VA 

Per Cent. 


5 

Per Cent. 


5A 

Per Cent. 


6 

Per Cent. 


7 

PerCnt TtltCreSt Olt 












fl.VV 


121 


015125 


016806 


018486 


020167 


023528 ttito 150 days 


122 


015250 


016944 


018639 


020333 


023722 


123 


015375 


017083 


018792 


020500 


023917 or for i (lay 


124 


015500 


017222 


018944 


020667 


024iii on 


125 


015625 


017361 


019097 


020833 


024306 $121.00 to $150.00 


126 


015750 


017500 


019250 


021000 


024500 


127 


015875 


017639 


019403 


021167 


024694 


128 


016000 


017778 


019556 


021333 


024889 


129 


016125 


017917 


019708 


021500 


025083 


130 


016250 


018056 


019861 


021667 


025278 


131 


016375 


018194 


020014 


021833 


025472 


132 


016500 


018333 


020167 


022000 


025667 


133 


016625 


018472 


020319 


022167 


025861 


134 


016750 


018611 


020472 


022333 


026056 


135 


016875 


018750 


020625 


022500 


026250 


136 


017000 


018889 


020778 


022667 


026444 


137 


017125 


019028 


020931 


022833 


026639 


138 


017250 


019167 


021083 


023000 


026833 


139 


017375 


019306 


021236 


023167 


027028 


140 


017500 


019444 


021389 


023333 


027222 


141 


017625 


019583 


021542 


023500 


027417 


142 


017750 


019722 


021694 


023667 


027611 


143 


017875 


019861 


021847 


023833 


027806 


144 


018000 


020000 


022000 


024000 


028000 


145 


018125 


020139 


022153 


024167 


028194 


146 


018250 


020278 


022306 


024333 


028389 


147 


018375 


020417 


022458 


024500 


028583 


148 


018500 


020556 


022611 


024667 


028778 


149 


018625 


020694 


022764 


024833 


028972 


150 


018750 


020833 


022917 


025000 


029167 



Bonds may be deposited with the National City Bank for safe 
keeping and coupons will be collected without charge. 



[25] 



The National City Bank 





Days 

or 


2 


2K 


3 


3K 


4 


Interest on 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


$1.00 














151 to i$o days 


151 


008389 


010486 


012583 


014681 


016778 




152 


008444 


010556 


012667 


014778 


016889 


or for 1 day 
on 


153 


008500 


010625 


012750 


014875 


017000 


154 


008556 


010694 


012833 


014972 


017111 


155 


008611 


010764 


012917 


015069 


017222 


$151.00 to $1*0.00 
















156 


008667 


010833 


013000 


015167 


017333 




157 


008722 


010903 


013083 


015264 


017444 




158 


008778 


010972 


013167 


015361 


017556 




159 


008833 


011042 


013250 


015458 


017667 




160 


008889 


011111 


013333 


015556 


017778 




161 


008944 


011181 


013417 


015653 


017889 




162 


009000 


011250 


013500 


015750 


018000 




163 


009056 


011319 


013583 


015847 


018111 




164 


009111 


011389 


013667 


015944 


018222 




165 


009167 


011458 


013750 


016042 


018333 




166 


009222 


011528 


013833 


016139 


018444 




167 


009278 


011597 


013917 


016236 


018556 




168 


009333 


011667 


014000 


016333 


018667 




169 


009389 


011736 


014083 


016431 


018778 




170 


009444 


011806 


014167 


016528 


018889 




171 


009500 


011875 


014250 


016625 


019000 




172 


009556 


011944 


014333 


016722 


019111 




173 


009611 


012014 


014417 


016819 


019222 




174 


009667 


012083 


014500 


016917 


019333 




175 


009722 


012153 


014583 


017014 


019444 




176 


009778 


012222 


014667 


017111 


019556 




177 


009833 


012292 


014750 


017208 


019667 




178 


009889 


012361 


014833 


017306 


019778 




179 


009944 


012431 


014917 


017403 


019889 




180 


010000 


012500 


015000 


017500 


020000 



The National City Bank through its Washington representa- 
tive will arrange to telegraphically notify its correspondents of 
calls for statements. 



[26] 



Interest Tables 



Days 

or 


VA 


5 


5^ 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 














$1.00 


151 


018875 


020972 


023069 


025167 


029361 


151 to i$o days 


152 


019000 


021111 


023222 


025333 


029556 




153 


019125 


021250 


023375 


025500 


029750 


or for l day 


154 


019250 


021389 


023528 


025667 


029944 


on 

$151.00 to $1*0,00 


155 


019375 


021528 


023681 


025833 


030139 


156 


019500 


021667 


023833 


026000 


030333 




157 


019625 


021806 


023986 


026167 


030528 




158 


019750 


021944 


024139 


026333 


030722 




159 


019875 


022083 


024292 


026500 


030917 




160 


020000 


022222 


024444 


026667 


031111 




161 


020125 


022361 


024597 


026833 


031306 




162 


020250 


022500 


024750 


027000 


031500 




163 


020375 


022639 


024903 


027167 


031694 




164 


020500 


022778 


025056 


027333 


031889 




165 


020625 


022917 


025208 


027500 


032083 




166 


020750 


023056 


025361 


027667 


032278 




167 


020875 


023194 


025514 


027833 


032472 




168 


021000 


023333 


025667 


028000 


032667 




169 


021125 


023472 


025819 


028167 


032861 




170 


021250 


023611 


025972 


028333 


033056 




171 


021375 


023750 


026125 


028500 


033250 




172 


021500 


023889 


026278 


028667 


033444 




173 


021625 


024028 


026431 


028833 


033639 




174 


021750 


024167 


026583 


029000 


033833 




175 


021875 


024306 


026736 


029167 


034028 




176 


022000 


024444 


026889 


029333 


034222 




177 


022125 


024583 


027042 


029500 


034417 




178 


022250 


024722 


027194 


029667 


034611 




179 


022375 


024861 


027347 


029833 


034806 




180 


022500 


025000 


027500 


030000 


035000 





The National City Bank has private wire service to insure 
dispatch in arranging for sales or purchases of securities. 



[27] 



The National City Bank 



Days 
or 


2 


2*A 


3 


SH 


4 


Interest on Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


$1.00 












i$i to 210 days isi 


010056 


012569 


015083 


017597 


020111 


182 


010111 


012639 


015167 


017694 


020222 


or for i day iss 


010167 


012708 


015250 


017792 


020333 


on 184 

ie/5 

$l$l,00 tO $210.00 


010222 


012778 


015333 


017889 


020444 


010278 


012847 


015417 


017986 


020556 


186 


010333 


012917 


015500 


018083 


020667 


187 


010389 


012986 


015583 


018181 


020778 


188 


010444 


013056 


015667 


018278 


020889 


189 


010500 


013125 


015750 


018375 


021000 


190 


010556 


013194 


015833 


018472 


021111 


191 


010611 


013264 


015917 


018569 


021222 


192 


010667 


013333 


016000 


018667 


021333 


193 


010722 


013403 


016083 


018764 


021444 


194 


010778 


013472 


016167 


018861 


021556 


195 


010833 


013542 


016250 


018958 


021667 


196 


010889 


013611 


016333 


019056 


021778 


197 


010944 


013681 


016417 


019153 


021889 


198 


011000 


013750 


016500 


019250 


022000 


199 


011056 


013819 


016583 


019347 


022111 


200 


011111 


013889 


016667 


019444 


022222 


201 


011167 


013958 


016750 


019542 


022333 


202 


011222 


014028 


016833 


019639 


022444 


203 


011278 


014097 


016917 


019736 


022556 


204 


011333 


014167 


017000 


019833 


022667 


205 


011389 


014236 


017083 


019931 


022778 


206 


011444 


014306 


017167 


020028 


022889 


207 


011500 


014375 


017250 


020125 


023000 


208 


011556 


014444 


017333 


020222 


023111 


209 


011611 


014514 


017417 


020319 


023222 


210 


011667 


014583 


017500 


020417 


023333 



The book, " National Bank Organization," will be sent, free on 
application, to those contemplating the organization of a bank.- 



28] 



Interest Tables 



Days 

or 


VA 


5 


5A 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 

$1.00 














181 


022625 


025139 


027653 


030167 


035194 


i*i to 210 (toys 


182 


022750 


025278 


027806 


030333 


035389 




183 


022875 


025417 


027958 


030500 


035583 


or for i day 


184 


023000 


025556 


028111 


030667 


035778 


on 


185 


023125 


025694 


028264 


030833 


035972 


$1*1.00 to $210.00 


186 


023250 


025833 


028417 


031000 


036167 




187 


023375 


025972 


028569 


031167 


036361 




188 


023500 


026111 


028722 


031333 


036556 




189 


023625 


026250 


028875 


031500 


036750 




190 


023750 


026389 


029028 


031667 


036944 




191 


023875 


026528 


029181 


031833 


037139 




192 


024000 


026667 


029333 


032000 


037333 




193 


024125 


026806 


029486 


032167 


037528 




194 


024250 


026944 


029639 


032333 


037722 




195 


024375 


027083 


029792 


032500 


037917 




196 


024500 


027222 


029944 


032667 


038111 




197 


024625 


027361 


030097 


032833 


038306 




198 


024750 


027500 


030250 


033000 


038500 




199 


024875 


027639 


030403 


033167 


038694 




200 


025000 


027778 


030556 


033333 


038889 




201 


025125 


027917 


030708 


033500 


039083 




202 


025250 


028056 


030861 


033667 


039278 




203 


025375 


028194 


031014 


033833 


039472 




204 


025500 


028333 


031167 


034000 


039667 




205 


025625 


028472 


031319 


034167 


039861 




206 


025750 


028611 


031472 


034333 


040056 




207 


025875 


028750 


031625 


034500 


040250 




208 


026000 


028889 


031778 


034667 


040444 




209 


026125 


029028 


031931 


034833 


040639 




210 


026250 


029167 


032083 


035000 


040833 





The National City Bank through its Foreign Exchange Depart- 
ment is prepared to execute orders for securities in all foreign 
markets. 



[29] 



The National City Bank 





Days 

or 


2 


2^ 


3 


3^ 


4 


Interest on 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


$1.00 














211 to 240 days 


211 


011722 


014653 


017583 


020514 


023444 




212 


011778 


014722 


017667 


020611 


023556 


or for l day 
on 


213 


011833 


014792 


017750 


020708 


023667 


214 


011889 


014861 


017833 


020806 


023778 


215 


011944 


014931 


017917 


020903 


023889 


$211.00 tO $240.00 














216 


012000 


015000 


018000 


021000 


024000 




217 


012056 


015069 


018083 


021097 


024111 




218 


012111 


015139 


018167 


021194 


024222 




219 


012167 


015208 


018250 


021292 


024333 




220 


012222 


015278 


018333 


021389 


024444 




221 


012278 


015347 


018417 


021486 


024556 




222 


012333 


015417 


018500 


021583 


024667 




223 


012389 


015486 


018583 


021681 


024778 




224 


012444 


015556 


018667 


021778 


024889 




225 


012500 


015625 


018750 


021875 


025000 




226 


012556 


015694 


018833 


021972 


025111 




227 


012611 


015764 


018917 


022069 


025222 




228 


012667 


015833 


019000 


022167 


025333 




229 


012722 


015903 


019083 


022264 


025444 




230 


012778 


015972 


019167 


022361 


025556 




231 


012833 


016042 


019250 


022458 


025667 




232 


012889 


016111 


019333 


022556 


025778 




233 


012944 


016181 


019417 


022653 


025889 




234 


013000 


016250 


019500 


022750 


026000 




235 


013056 


016319 


019583 


022847 


026111 




236 


013111 


016389 


019667 


022944 


026222 




237 


013167 


016458 


019750 


023042 


026333 




238 


013222 


016528 


019833 


023139 


026444 




239 


013278 


016597 


019917 


023236 


026556 




240 


013333 


016667 


020000 


023333 


026667 



The facilities of the National City Bank in New York and 
"Washington are at the call of organizers of new banks. 



[30] 



Interest Tables 



Days 

or 


4 T /2 


5 


5 1 /* 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 














$1-00 


211 


026375 


029306 


032236 


035167 


041028 


211 to 240 days 


212 


026500 


029444 


032389 


035333 


041222 




213 


026625 


029583 


032542 


035500 


041417 


or for i day 
on 


214 


026750 


029722 


032694 


035667 


041611 


215 


026875 


029861 


032847 


035833 


041806 














$211.00 tO $240.00 


216 


027000 


030000 


033000 


036000 


042000 




217 


027125 


030139 


033153 


036167 


042192 




218 


027250 


030278 


033306 


036333 


042389 




219 


027375 


030417 


033458 


036500 


042583 




220 


027500 


030556 


033611 


036667 


042778 




221 


027625 


030694 


033764 


036833 


042972 




222 


027750 


030833 


033917 


037000 


043167 




223 


027875 


030972 


034069 


037167 


043361 




224 


028000 


031111 


034222 


037333 


043556 




225 


028125 


031250 


034375 


037500 


043750 




226 


028250 


031389 


034528 


037667 


043944 




227 


028375 


031528 


034681 


037833 


044139 




228 


028500 


031667 


034833 


038000 


044333 




229 


028625 


031806 


034986 


038167 


044528 




230 


028750 


031944 


035139 


038333 


044722 




231 


028875 


032083 


035292 


038500 


044917 




232 


029000 


032222 


035444 


038667 


045111 




233 


029125 


032361 


035597 


038833 


045306 




234 


029250 


032500 


035750 


039000 


045500 




235 


029375 


032639 


035903 


039167 


045694 




236 


029500 


032778 


036056 


039333 


045889 




237 


029625 


032917 


036208 


039500 


046083 




238 


029750 


033056 


036361 


039667 


046278 




239 


029875 


033194 


036514 


039833 


046472 




240 


030000 


033333 


036667 


040000 


046667 





The capital, surplus and individual responsibility of stock- 
holders of the National City Bank represent $67,000,000. 



[31] 





The National City 


Bank 






interest on 


Days 

or 
Dollars 


2 

Per Cent. 


2^ 

Per Cent. 


3 

Per Cent. 


3K 

Per Cent. 


4 

Per Cent. 


$1.00 


























24i to 270 days 


241 


013389 


016736 020083 


023431 


026778 




242 


013444 


016806 


020167 


023528 


026889 


or for l day 


243 


013500 


016875 


020250 


023625 


027000 


on 


244 


013556 


016944 


020333 


023722 


027111 


$241.00 tO $270.0C 


245 


013611 


017014 


020417 


023819 


027222 




246 


013667 


017083 


020500 


023917 


027333 




247 


013722 


017153 


020583 


024014 


027444 




248 


013778 


017222 


020667 


024111 


027556 




249 


013833 


017292 


020750 


024208 


027667 




250 


013889 


017361 


020833 


024306 


027778 




251 


013944 


017431 


020917 


024403 


027889 




252 


014000 


017500 


021000 


024500 


028000 




253 


014056 


017569 


021083 


024597 


028111 




254 


014111 


017639 


021167 


024694 


028222 




255 


014167 


017708 


021250 


024792 


028333 




256 


014222 


017778 


021333 


024889 


028444 




257 


014278 


017847 


021417 


024986 


028556 




258 


014333 


017917 


021500 


025083 


028667 




259 


014389 


017986 


021583 


025181 


028778 




260 


014444 


018056 


021667 


025278 


028889 




261 


014500 


018125 


021750 


025375 


029000 




262 


014556 


018194 


021833 


025472 


029111 




263 


014611 


018264 


021917 


025569 


029222 




264 


014667 


018333 


022000 


025667 


029333 




265 


014722 


018403 


022083 


025764 


029444 




266 


014778 


018472 


022167 


025861 


029556 




267 


014833 


018542 


022250 


025958 


029667 




268 


014889 


018611 


022333 


026056 


029778 




269 


014944 


018681 


022417 


026153 


029889 


- 


270 


015000 


018750 


022500 


026250 


030000 



The National City Bank welcomes the establishment of recip- 
rocal relations with banks of good standing regardless of size. 



[32] 



Interest Tables 



Days 

or 

Dollars 


VA 

Per Cent. 


5 

Per Cent. 


5^ 

Per Cent. 


6 

Per Cent. 


7 

Per Cent. 


Tntemt on 

$1.00 














241 


030125 


033472 


036819 


040167 


046861 


24i to 270 days 


242 


030250 


033611 


036972 


040333 


047056 




243 


030375 


033750 


037125 


040500 


047250 


or for i day 


244 


030500 


033889 


037278 


040667 


047444 


on 


245 


030625 


034028 


037431 


040833 


047639 


$241.00 tO $270.00 


246 


030750 


034167 


037583 


041000 


047833 




247 


030875 


034306 


037736 


041167 


048028 




248 


031000 


034444 


037889 


041333 


048222 




249 


031125 


034583 


038042 


041500 


048417 




250 


031250 


034722 


038194 


041667 


048611 




251 


031375 


034861 


038347 


041833 


048806 




252 


031500 


035000 


038500 


042000 


049000 




253 


031625 


035139 


038653 


042167 


049194 




254 


031750 


035278 


038806 


042333 


049389 




255 


031875 


035417 


038958 


042500 


049583 




256 


032000 


035556 


039111 


042667 


049778 




257 


032125 


035694 


039264 


042833 


049972 




258 


032250 


035833 


039417 


043000 


050167 




259 


032375 


035972 


039569 


043167 


050361 




260 


032500 


036111 


039722 


043333 


050556 




261 


032625 


036250 


039875 


043500 


050750 




262 


032750 


036389 


040028 


043667 


050944 




263 


032875 


036528 


040181 


043833 


051139 




264 


033000 


036667 


040333 


044000 


051333 




265 


033125 


036806 


040486 


044167 


051528 




266 


033250 


036944 


040639 


044333 


051722 




267 


033375 


037083 


040792 


044500 


051917 




268 


033500 


037222 


040944 


044667 


052111 




269 


033625 


037361 


041097 


044833 


052306 




270 


033750 


037500 


041250 


045000 


052500 





Credit information regarding commercial paper and the stand- 
ing of firms and corporations is at the disposal of our correspondents. 

[33] 





The National City Bank 








Days 

or 


2 


2^ 


3 


3^ 


4 


Interest on 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


$1.00 














271 to 300 days 


271 


015056 


018819 


022583 


026347 


030111 




272 


015111 


018889 


022667 


026444 


030222 


or for l day 
on 


273 


015167 


018958 


022750 


026542 


030333 


274 


015222 


019028 


022833 


026639 


030444 


275 


015278 


019097 


022917 


026736 


030556 


$271.00 tO $300.00 
















276 


015333 


019167 


023000 


026833 


030667 




277 


015389 


019236 


023083 


026931 


030778 




278 


015444 


019306 


023167 


027028 


030889 




279 


015500 


019375 


023250 


027125 


031000 




280 


015556 


019444 


023333 


027222 


031111 




281 


015611 


019514 


023417 


027319 


031222 




282 


015667 


019583 


023500 


027417 


031333 




283 


015722 


019653 


023583 


027514 


031444 




284 


015778 


019722 


023667 


027611 


031556 




285 


015833 


019792 


023750 


027708 


031667 




286 


015889 


019861 


023833 


027806 


031778 




287 


015944 


019931 


023917 


027903 


031889 




288 


016000 


020000 


024000 


028000 


032000 




289 


016056 


020069 


024083 


028097 


032111 




290 


016111 


020139 


024167 


028194 


032222 




291 


016167 


020208 


024250 


028292 


032333 




292 


016222 


020278 


024333 


028389 


032444 




293 


016278 


020347 


024417 


028486 


032556 




294 


016333 


020417 


024500 


028583 


032667 




295 


016389 


020486 


024583 


028681 


032778 




296 


016444 


020556 


024667 


028778 


032889 




297 


016500 


020625 


024750 


028875 


033000 




298 


016556 


020694 


024833 


028972 


033111 




299 


016611 


020764 


024917 


029069 


033222 




300 


016667 


020833 


025000 


029167 


033333 



The list of directors of the National City Bank includes the 
representatives of some of the most important financial interests of 
the country. r -, 

[34] 



Interest Tables 



Days 
or 


4K 


5 


5^ 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 

$1,00 














271 


033875 


037639 


041403 


045167 


052694 


271 to 3oo days 


272 


034000 


037778 


041556 


045333 


052889 




273 


034125 


037917 


041708 


045500 


053083 


or for i day 


274 


034250 


038056 


041861 


045667 


053278 


on 


275 


034375 


038194 


042014 


045833 


053472 $27K00fc $300.00 


276 


034500 


038333 


042167 


046000 


053667 




277 


034625 


038472 


042319 


046167 


053861 




278 


034750 


038611 


042472 


046333 


054056 




279 


034875 


038750 


042625 


046500 


054250 




280 


035000 


038889 


042778 


046667 


054444 




281 


035125 


039028 


042931 


046833 


054639 




282 


035250 


039167 


043083 


047000 


054833 




283 


035375 


039306 


043236 


047167 


055028 




284 


035500 


039444 


043389 


047333 


055222 




285 


035625 


039583 


043542 


047500 


055417 




286 


035750 


039722 


043694 


047667 


055611 




287 


035875 


039861 


043847 


047833 


055806 




288 


036000 


040000 


044000 


048000 


056000 




289 


036125 


040139 


044153 


048167 


056194 




290 


036250 


040278 


044306 


048333 


056389 




291 


036375 


040417 


044458 


048500 


056583 




292 


036500 


040556 


044611 


048667 


056778 




293 


036625 


040694 


044764 


048833 


056972 




294 


036750 


040833 


044917 


049000 


057167 




295 


036875 


040972 


045069 


049167 


057361 




296 


037000 


041111 


045222 


049333 


057556 




297 


037125 


041250 


045375 


049500 


057750 




298 


037250 


041389 


045528 


049667 


057944 




299 


037375 


041528 


045681 


049833 


058139 




300 


037500 


041667 


045833 


050000 


058333 





All the facilities of the Bond, Foreign Exchange and Credit 
Departments of the National City Bank are at the call of its cor- 
respondents. 



[35] 





The National City Bank 






Interest on 


Days 

or 

Dollars 


2 

Per Cent. 


2K 

Per Cent. 


3 

Per Cent. 


3^ 

Per Cent. 


4 

Per Cent. 


$1.00 

301 to 330 days 














301 


016722 


020903 


025083 


029264 


033444 


or for i day 


302 


016778 


020972 


025167 


029361 


033556 


303 


016833 


021042 


025250 


029458 


033667 


on 


304 


016889 


021111 


025333 


029556 


033778 


$301.00 tO $330.00 


305 


016944 


021181 


025417 


029653 


033889 




306 


017000 


021250 


025500 


029750 


034000 




307 


017056 


021319 


025583 


029847 


034111 




308 


017111 


021389 


025667 


029944 


034222 




309 


017167 


021458 


025750 


030042 


034333 




310 


017222 


021528 


025833 


030139 


034444 




311 


017278 


021597 


025917 


030236 


034556 




312 


017333 


021667 


026000 


030333 


034667 




313 


017389 


021736 


026083 


03043] 


034778 




314 


017444 


021806 


026167 


030528 


034889 




315 


017500 


021875 


026250 


030625 


035000 




316 


017556 


021944 


026333 


030722 


035111 




317 


017611 


022014 


026417 


030819 


035222 




318 


017667 


022083 


026500 


030917 


035333 




319 


017722 


022153 


026583 


031014 


035444 




320 


017778 


022222 


026667 


031111 


035556 




321 


017833 


022292 


026750 


031208 


035667 




322 


017889 


022361 


026833 


031306 


035778 




323 


017944 


022431 


026917 


031403 


035889 




324 


018000 


022500 


027000 


031500 


036000 




325 


018056 


022569 


027083 


031597 


036111 




326 


018111 


022639 


027167 


031694 


036222 




327 


018167 


022708 


027250 


031792 


036333 




328 


018222 


022778 


027333 


031889 


036444 




329 


018278 


022847 


027417 


031986 


036556 




330 


018333 


022917 


027500 


032083 


036667 



The collections of the National City Bank are the largest of any 
New York bank and are handled through correspondents. 

[36] 



Interest Tables 



Days 
or 


VA 


5 


5K 


6 


7 




Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Interest on 

$1.00 














301 


037625 


041806 


045986 


050167 


058528 


301 to 330 days 


302 


037750 


041944 


046139 


050333 


058722 




303 


037875 


042083 


046292 


050500 


058917 


or fori day 


304 


038000 


042222 


046444 


050667 


059111 


on 


305 


038125 


042361 


046597 


050833 


059306 $30K00 f0 $moo 


306 


038250 


042500 


046750 


051000 


059500 




307 


038375 


042639 


046903 


051167 


059694 




308 


038500 


042778 


047056 


051333 


059889 




309 


038625 


042917 


047208 


051500 


060083 




310 


038750 


043056 


047361 


051667 


060278 




311 


038875 


043194 


047514 


051833 


060472 




312 


039000 


043333 


047667 


052000 


060667 




313 


039125 


043472 


047819 


052167 


060861 




314 


039250 


043611 


047972 


052333 


061056 




315 


039375 


043750 


048125 


052500 


061250 




316 


039500 


043889 


048278 


052667 


061444 




317 


039625 


044028 


048431 


052833 


061639 




318 


039750 


044167 


048583 


053000 


061833 




319 


039875 


044306 


048736 


053167 


062028 




320 


040000 


044444 


048889 


053333 


062222 




321 


040125 


044583 


049042 


053500 


062417 




322 


040250 


044722 


049194 


053667 


062611 




323 


040375 


044861 


049347 


053833 


062806 




324 


040500 


045000 


049500 


054000 


063000 




325 


040625 


045139 


049653 


054167 


063194 




326 


040750 


045278 


049806 


054333 


063389 




327 


040875 


045417 


049958 


054500 


063583 




328 


041000 


045556 


050111 


054667 


063778 




329 


041125 045694 


050264 


054833 


063972 




330 


041250 045833 


050417 


055000 


064167 





The Washington service for national banks is one illustration 
of the working out of details for the aid of correspondents. 

[37] 



The National City Bank 





Days 

or 


2 


TA 


3 


3 J A 


4 


Interest on 

$1.00 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 














331 to 360 (Jays 


331 


018389 


022986 


027583 


032181 


036778 




332 


018444 


023056 


027667 


032278 


036889 


or for l day 


333 


018500 


023125 


027750 


032375 


037000 


on 


334 


018556 


023194 


027833 


032472 


037111 


$351.00 tO $360.00 


335 


018611 


023264 


027917 


032569 


037222 




336 


018667 


023333 


028000 


032667 


037333 




337 


018722 


023403 


028083 


032764 


037444 




338 


018778 


023472 


028167 


032861 


037556 




339 


018833 


023542 


028250 


032958 


037667 




340 


018889 


023611 


028333 


033056 


037778 




341 


018944 


023681 


028417 


033153 


037889 




342 


019000 


023750 


028500 


033250 


038000 




343 


019056 


023819 


028583 


033347 


038111 




344 


019111 


023889 


028667 


033444 


038222 




345 


019167 


023958 


028750 


033542 


038333 




346 


019222 


024028 


028833 


033639 


038444 




347 


019278 


024097 


028917 


033736 


038556 




348 


019333 


024167 


029000 


033833 


038667 




349 


019389 


024236 


029083 


033931 


038778 




350 


019444 


024306 


029167 


034028 


038889 




351 


019500 


024375 


029250 


034125 


039000 




352 


019556 


024444 


029333 


034222 


039111 




353 


019611 


024514 


029417 


034319 


039222 




354 


019667 


024583 


029500 


034417 


039333 




355 


019722 


024653 


029583 


034514 


039444 




356 


019778 


024722 


029667 


034611 


039556 




357 


019833 


024792 


029750 


034708 


039667 




358 


019889 


024861 


029833 


034806 


039778 




359 


019944 


024931 


029917 


034903 


039889 




360 


020000 


025000 


030000 


035000 


040000 



The resources of the National City Bank are large because it 
has been able to be of important service to its customers. 



[38] 



Interest Tables 



Days 

or 


VA 


5 


5A 


6 


7 


Dollars 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. 


Per Cent. TlltCrCSt Oft 












$1.00 


331 


041375 


045972 


050569 


055167 


064361 33i to 36o days 


332 


041500 


046111 


050722 


055333 


064556 


333 


041625 


046250 


050875 


055500 


064750 or for , fay 


334 


041750 


046389 


051028 


055667 


064944 on 
065139 $331.00 tO $360,00 


335 


041875 


046528 


051181 


055833 


336 


042000 


046667 


051333 


056000 


065333 


337 


042125 


046806 


051486 


056167 


065528 


338 


042250 


046944 


051639 


056333 


065722 


339 


042375 


047083 


051792 


056500 


065917 


340 


042500 


047222 


051944 


056667 


066111 


341 


042625 


047361 


052097 


056833 


066306 


342 


042750 


047500 


052250 


057000 


066500 


343 


042875 


047639 


052403 


057167 


066694 


344 


043000 


047778 


052556 


057333 


068889 


345 


043125 


047917 


052708 


057500 


067083 


346 


043250 


048056 


052861 


057667 


067278 


347 


043375 


048194 


053014 


057833 


067472 


348 


043500 


048333 


053167 


058000 


067667 


349 


043625 


048472 


053319 


058167 


067861 


350 


043750 


048611 


053472 


058333 


068056 


351 


043875 


048750 


053625 


058500 


068250 


352 


044000 


048889 


053778 


058667 


068444 


353 


044125 


049028 


053931 


058833 


068639 


354 


044250 


049167 


054083 


059000 


068833 


355 


044375 


049306 


054236 


059167 


069028 


356 


044500 


049444 


054389 


059333 


069222 


357 


044625 


049583 


054542 


059500 


069417 


358 


044750 


049722 


054694 


059667 


069611 


359 


044875 


049861 


054847 


059833 


069806 


360 


045000 


050000 


055000 


060000 


070000 



The National City Bank through its Bond Department buys 
and sells high class railroad bonds. 



[39] 



NEW YORK 
CORRESPONDENT 



Security a 

first 
essential 



THE selection of a New York 
correspondent is one of the 
important actions to be taken 
by any bank. A bank is 
entitled to the best service which the 
central reserve city bank can furnish. A 
New York account is an admitted necessity 
to every bank in the country, whether large 
or small. New York exchange is required 
in every day transactions with customers, 
and direct association with a bank having 
strong foreign connections is becoming 
more and more essential. 

The first standard which should be 
insisted upon by a bank selecting a New 
York correspondent is safety. The 
National City Bank in offering its services 
to associates is able to call attention to 
capital, surplus and individual stockholders' 
liability of $67,000,000. Its directors are 



[40] 



New York Correspondent 



representative of the strongest commercial, 
industrial and financial interests of the 
country. Through these directors and 
their business connections, services of value 
can frequently be rendered correspondents. 
The resources of the National City Bank 
are large because it has been able to be of 
appreciated assistance to its customers. 
With these large resources there have been 
developed extensive general banking facil- 
ities. The work of the bank has been 
so systematized that a small account is 
given the same service as that of a large 
bank or corporation. 

When the question of security and €XtClt$foH$ 
general routine service is disposed of, the ^ 
next point to be considered is one of 
credit. A bank should be entitled to call 
upon its reserve agent to aid it in equalizing 
its deposits between periods of abundant 
funds and periods of exceptional demand 
for accommodation. The National City 
Bank extends desired credit to its associates 
on the most liberal terms consistent with 
sound banking principles. Its loans are 

[41] 



The National City Bank 



necessarily extended throughout the 
country and it is in touch with financial 
requirements in every part of the United 
States. The Credit Department is so 
systematized that not only is the bank 
in possession of the necessary information 
to promptly meet the calls of its corres- 
pondents, but is able to furnish to asso- 
ciates information regarding commercial 
paper which they may contemplate pur- 
chasing, or regarding individuals and busi- 
ness houses to which they may in turn 
be making extensions of credit. 

There are but few banks which do not 
TOmgn frequently have foreign exchange and bond 
ectl0n$ transactions. These departments of the 
National City Bank are well equipped and 
their facilities should supplement those of 
associated banks in the most satisfactory 
manner. Foreign connections have been 
established in every city of commercial and 
financial prominence and the volume of 
foreign exchange bought and sold is large. 
The most satisfactory service in the issuing 

[42] 



New York Correspondent 



of Letters of Credit is assured and a traveler 
carrying a National City Bank credit is 
placed in touch with the strongest banking 
nouses abroad. The Bond Department 
buys and sells bonds of the United States 
and other Governments, high grade 
railway securities, and the bonds of the 
larger municipalities. Only such securities 
are offered for sale as have been selected 
after careful investigation for its own 
investment account. Detailed infor- 
mation regarding any issue of bonds in 
which a correspondent bank may be inter- 
ested will be furnished. In transactions 
involving foreign exchange, the issue of 
Letters of Credit and the purchase or sale 
of securities, the interests of correspondents 
are carefully conserved. 

The policy that relations between corre- 
spondent banks should be mutual is carried 
out in all departments. Any reciprocal 
business which may be turned to an asso- 
ciate is so directed. For this reason the 
collections of the National City Bank are 
invariably handled through correspondents. 

[43] . 



mutually 
Profitable 
Relations 



The National City Bank 



Its own out-of-New York checks are 
supplemented by those of several other 
banks in the heart of the retail and hotel 
district of the city and, in consequence, 
its out-of-town collections are probably the 
largest of any New York bank. In turn 
the collections of correspondents are 
handled at the lowest rates of exchange 
possible under the New York Clearing 
House rules. Items on which a charge is 
discretionary are classified with par point 
items, while on items arbitrarily subjected 
to exchange, the minimum charge is made. 
These exchange rules govern every Clearing 
House bank in New York City. 
Special In the matter of special facilities, the 

facilities National City Bank stands alone. Some 
Offered of the special features of the Foreign 
Exchange and Credit Departments have 
been briefly outlined. The facilities offered 
correspondents in the transaction of 
business in Government bonds are so 
unique that they have been made the sub- 
ject matter of a separate chapter which 
appears elsewhere in this book. Private 



[44] 



New York Correspondent 



wire service with operators located in the 
bank offices, insures prompt execution of 
purchases or sales of securities, responses to 
credit or other inquiries and transfers of 
currency. Direct representation abroad 
makes it possible to execute orders for 
foreign or international securities on any of 
the foreign exchanges. Telegraphic codes 
are furnished, insuring secrecy in confi- 
dential communications. Correspondents 
are invited to furnish letters of introduction 
to their customers who may visit New 
York on business, which secure for them 
all the courtesies which the National City 
Bank is in position to extend. To give 
this invitation specific force, cards of intro- 
duction are placed in the hands of associate 
banks. 

For national banks a special Washington Direct 
service has been developed. It is made Representation 
possible by affiliation with the Biggs 
National Bank and by direct representation 
by its Vice-President, former Assistant Sec- 
retary of the Treasury, Mr. Milton E. Ailes. 
Through this representation all the duties 

[45] 



The National City Bank 



ordinarily entrusted to a national bank 
agent are performed without expense on the 
part of a correspondent. The annual 
Jftinual examination of bonds on deposit with the 
examination Treasurer of the United States to secure 
circulation or Government deposits is 
attended to and the destruction of muti- 
lated currency is witnessed, as required by 
law. When desired, advices are sent by 
wire as to Comptroller's calls for statements 
of condition and all the details of the 
deposit of Government bonds to secure 
circulation or Government deposits, the 
withdrawal of the same and the substitu- 
tion of one issue for another, are arranged. 
Arrangements may be made for the ship- 
ment of incomplete currency to corre- 
spondents. The ordinary Government 
Shipment method is by express. In many cases 
^considerable saving is effected, without in 
any way impairing the security of the 
transfer, by shipping by registered mail 
insured. These are only a few of the direct 
advantages which accrue to correspondents 
by having representation before the 

[46] 



New York Correspondent 



Treasury Department. There are a great 
many other advantages growing out of such 
representation by experts familiar with 
Treasury practice and law, which will 
suggest themselves to a practical banker. 
The Washington service is naturally of 
great value to the banks organizing under 
the National System. Through it the 
application to organize may be presented 
in person, and the preparation of the 
necessary papers and the action of the 
Comptroller expedited. The assistance 
which it can render in the purchase and 
deposit of charter and circulation bonds is 
more extensively described in the chapter 
on Government Bond Interest. 

The National City Bank is desirous of CorrespoiHl-- 
extending its list of correspondents. It 
welcomes the accounts of country banks, " 
without discrimination as to size. Its 
service is offered to banking institutions, 
regardless of their form of organization. 
Its regular monthly bulletin' "United 
States Securities and Government Finance" 
will be mailed free to any interested 



[47] 



The National City Bank 



banker making application. Organizers 

of banks are urged to call on the National 

City Bank for help in preliminary organ- 

Tltformaticn ization work. For the aid of organizers 

for Organizers of banks under the National System, the 

Of Banks book, "National Bank Organization" has 

been designed. It gives in detail every step 

to be taken in the formation of a bank 

under the National System. Copies 

will be sent, on application, to any 

bank officers or to parties contemplating 

the organization of banks. Correspondence 

relative to the establishment of mutual 

relations is particularly invited. 



[48] 



GOVERNMENT BOND 
INTEREST 

THE following tables give the in- 
terest calculations as presented 
by the Government Actuary, Mr. 
Joseph S. McCoy, on $100 for one 
day to one quarter year on the various 
issues of United States Government bonds. 
The number of days in quarter years varies UaryiWJ 
from 89 to 92, owing to the difference in TtttCttSt 
interest periods. The number of days in 
each quarter year for which calculations are 
made is as follows: January, February and 
March, 90 days; February, March and 
April, 89 days; April, May and June, 91 
days; May, June and July, 92 days; July, 
August and September, 92 days; August, 
September and October, 92 days; October, 
November and December, 92 days ; Novem- 
ber, December and January, 92 days. 

The Consols of 1930 bear 2% interest 
and mature April 1, 1930, with interest 

[49] 



The National City Bank 



payable on the first days of January, April, 
July and October. 

The 3% Spanish War Loan Bonds of 
1908-1918 are redeemable August 1, 1908 
and are payable August 1, 1918, with in- 
terest payable on the first days of February, 
May, August and November. 

One issue of 4% bonds matures July 1, 
1907,with interest payable on the first days 
of January, April, July and October. 

The other issue of 4% bonds matures 

February 1, 1925, with interest payable on 

the first days of February, May, August 

and November. 

Periods Registered 2% bonds are ex-interest 

Wften bOOkS December 1st to 31st; March 1st to 31st; 

are Closed September 1st to 30th; June 1st to 30th. 

Registered 3% bonds are ex-interest Jan- 
uary 1st to 31st; July 1st to 31st; April 1st 
to 30th; October 1st to 31st. 

Registered 4% bonds of 1907 are ex-in- 
terest during the same transfer periods as 
Registered 2% bonds. 

Registered 4t% bonds of 1925 are ex-inter- 
est January 16th to 31st; July 16th to 31st; 
April 16th to 30th ; October 16th to 31st. 

[50] 



Government Bond Interest 



The National City Bank has special 
facilities for furnishing the best possible 
service in transactions in United States 
Government bonds. It is in the market 
continuously as a purchaser and seller of all 
the issues of Government securities without 
regard to the amounts offered. Inasmuch 
as its operations are not limited to round * 
lots, and as it is relieved from the necessity of 
paying or charging commissions on Govern- 
ment bonds, it is enabled to make the 
closest possible prices to buyers and the 
most favorable quotations to sellers. 

The transaction of business by the Special 
National City Bank in Government bonds MegraiftiC 
is greatly facilitated by its private wire 
service. The utmost dispatch is secured in 
executing telegraphic requests of corre- 
spondents, and in quoting prices in bids for 
and offerings of bonds. To facilitate and 
insure secrecy in telegraphic correspondence 
regarding business in Government bonds, 
the National City Bank has prepared a 
Government Bond Telegraphic Code. 

[51] 



The National City Bank 



The National City Bank has compiled a 
book, ;i Government Bonds," treating 
fully of these securities and including calcu- 
lations as to profits on circulation and pub- 
lic deposits secured by deposit of the various 
issues. The code or the book on Govern- 
ment bonds will be sent to any bank or 
• banker on request. 
ClK monthly The monthly bulletin of the National 
Bulletin ci ty Bank, "United States Securities and 
Government Finance," treats of the market 
for Government bonds as affected by the 
conditions of United States Treasury bal- 
ances, and gives in condensed form all the 
available information regarding Govern- 
ment bonds. This publication will be sent 
regularly to any bank or banker on appli- 
cation. 

The tables herewith give the interest on 
$100 for one day to one quarter year, on 
the various issues of Government bonds. 






[52] 



Government Bond Interest 



Days 


2 per centum interest— 
% per centum per quarter 


3 per centum interest — 
}i per cent, per quarter 


Interest on 
$100.00 


92-day 
quarter 


91-day 

quarter 


90-day 

quarter 


92-day 
quarter 


89-day 

quarter 


1 


005435 


005495 


005556 


008152 


008427 


front 1 day 


2 


010870 


010989 


011111 


016304 


016854 


to *i day* 


3 


016304 


016484 


016667 


024457 


025281 




4 


021739 


021978 


022222 


032609 


033708 




5 


027174 


027473 


027778 


040761 


042135 




6 


032609 


032967 


033333 


048913 


050562 




7 


038043 


038462 


038889 


057065 


058989 




8 


043478 


043956 


044444 


065217 


067416 




9 


048913 


049451 


050000 


073370 


075843 




10 


054348 


054945 


055556 


081522 


084270 




11 


059783 


060440 


061111 


089674 


092697 




12 


065217 


065934 


066667 


097826 


101124 




13 


070652 


071429 


072222 


105978 


109551 




14 


076087 


076923 


077778 


114130 


117978 




15 


081522 


082418 


083333 


122283 


126404 




16 


086957 


087912 


088889 


130435 


134831 




17 


092391 


093407 


094444 


138587 


143258 




18 


097826 


098901 


100000 


146739 


151685 




19 


103261 


104396 


105556 


154891 


160112 




20 


108696 


109890 


111111 


163043 


168539 




21 


114130 


115385 


116667 


171196 


176966 




22 


119565 


120879 


122222 


179348 


185393 




23 


125000 


126374 


127778 


187500 


193820 




24 


130435 


131868 


133333 


195652 


202247 




25 


135870 


137363 


138889 


203804 


210674 




26 


141304 


142857 


144444 


211957 


219101 




27 


146739 


148352 


150000 


220109 


227528 




28 


152174 


153846 


155556 


228261 


235955 




29 


157609 


159341 


161111 


236413 


244382 




30 


163043 


164835 


166667 


244565 


252809 




31 


168478 


170330 


172222 


252717 


261236 





The out of New York collections of the National City Bank 
include the items of several large banks in the uptown district. 

[53] 



The National City Bank 






Interest on »*** 


2 per 
% per 


centum interest — 
centum per quarter 


3 per centum interest— 
?4 percent, per quarter 


92-day 
quarter 


91-day 
quarter 


90-day 

quarter 


92-day 
quarter 


89- day 
quarter 


from 32 days 32 
to 6i aay$ I* 


173913 


175824 


177778 


260870 


269663 


179348 


181319 


183333 


269022 


278090 


184783 


186813 


188889 


277174 


286517 


35 


190217 


192308 


194444 


285326 


294944 


36 


195652 


197802 


200000 


293478 


303371 


37 


201087 


203297 


205556 


301630 


311798 


38 


206522 


208791 


211111 


309783 


320225 


39 


211957 


214286 


216667 


.317935 


328652 


40 


217391 


219780 


222222 


326087 


337079 


41 


222826 


225275 


227778 


334239 


345506 


42 


228261 


230769 


233333 


342391 


353933 


43 


233696 


236264 


238889 


350543 


362360 


44 


239130 


241758 


244444 


358696 


370787 


45 


244565 


247253 


250000 


366848 


379213 


46 


250000 


252747 


255556 


375000 


387640 


47 


255435 


258242 


261111 


383152 


396067 


48 


260870 


263736 


266667 


391304 


404494 


49 


266304 


269231 


272222 


399457 


412921 


50 


271739 


274725 


277778 


407609 


421348 


51 


277174 


280220 


283333 


415761 


429775 


52 


282609 


285714 


288889 


423913 


438202 


53 


288043 


291209 


294444 


432065 


446629 


54 


293478 


296703 


300000 


440217 


455056 


55 


298913 


302198 


305556 


448370 


463483 


56 


304348 


307692 


311111 


456522 


471910 


57 


309783 


313187 


316667 


464674 


480337 


58 


315217 


318681 


322222 


472826 


488764 


59 


320652 


324176 


327778 


480978 


497191 


60 


326087 


329670 


333333 


489130 


505618 


61 


331522 


335165 


338889 


497283 


514045 



All the duties which a national bank entrusts to a paid agent at 
"Washington will be attended to without expense by the National 
City Bank. 

[54] 



Government Bond Interest 





2 per centum interest — 
y 2 per centum per quarter 


3 per centum interest — 
Yx per cent, per quarter 


Tntemton 

$100.00 


Days 


92-day 
quarter 


91-day 

quarter 


90-day 

quarter 


92- day 
quarter 


89-day 

quarter 


62 


336957 


340659 


344444 


505435 


522472 


from 62 days 


63 


342391 


346154 


350000 


513587 


530899 


to 92 days 


64 


347826 


351648 


355556 


521739 


539326 


65 


353261 


357143 


361111 


529891 


547753 




66 


358696 


362637 


366667 


538043 


556180 




67 


364130 


368132 


372222 


546196 


564607 




68 


369565 


373626 


377778 


554348 


573034 




69 


375000 


379121 


383333 


562500 


581461 




70 


380435 


384615 


388889 


570652 


589888 




71 


385870 


390110 


394444 


578804 


598315 




72 


391304 


395604 


400000 


586957 


606742 




73 


396739 


401099 


405556 


595109 


615169 




74 


402174 


406593 


411111 


603261 


623596 




75 


407609 


412088 


. 416667 


611413 


632022 




76 


413043 


417582 


422222 


619565 


640449 




77 


418478 


423077 


427778 


627717 


648876 




78 


423913 


428571 


433333 


635870 


657303 




79 


429348 


434066 


438889 


644022 


665730 




80 


434783 


439560 


444444 


652174 


674157 




81 


440217 


445055 


450000 


660326 


. 682584 




82 


445652 


450549 


455556 


668478 


691011 




83 


451087 


456044 


461111 


676630 


699438 




84 


456522 


461538 


466667 


684783 


707865 




85 


461957 


467033 


472222 


692935 


716292 




86 


467391 


472527 


477778 


701087 


724719 




87 


472826 


478022 


483333 


709239 


733146 




88 


478261 


483516 


488889 


717391 


741573 




89 


483696 


489011 


494444 


725543 


750000 




90 


489130 


494505 


500000 


733696 






91 


494565 


500000 




741848 






92 


500000 






750000 







In collection or other reciprocal business the National City 
Bank invariably favors its correspondents. 

[55] 





The National City Bank 








4 per centum interest— i 


per centum per quarter 


Interest on 


Days 










92-day 


91-day 


90-day 


89-day 


$100.00 




quarter 


quarter 


quarter 


quarter 


from i day 


1 


010870 


010989 


011111 


011236 


to 31 days 


2 


021739 


021978 


022222 


022472 


3 


032609 


032967 


033333 


033708 




4 


043478 


043956 


044444 


044944 




5 


054348 


054945 


055556 


056180 




6 


065217 


065934 


066667 


067416 




7 


076087 


076923 


077778 


078652 




8 


086957 


087912 


088889 


089888 




9 


097826 


098901 


100000 


101124 




10 


108696 


109890 


111111 


112360 




11 


119565 


120879 


122222 


123596 




12 


130435 


131868 


133333 


134831 




13 


141304 


142857 


144444 


146067 




14 


152174 


153846 


155556 


157303 




15 


163043 


164835 


166667 


168539 




16 


173913 


175824 


177778 


179775 




17 


184783 


186813 


188889 


191011 




18 


195652 


197802 


200000 


202247 




19 


206522 


208791 


211111 


213483 




20 


217391 


219780 


222222 


224719 




21 


228261 


230769 


233333 


235955 




22 


239130 


241758 


244444 


247191 




23 


250000 


252747 


255556 


258427 




24 


260870 


263736 


266667 


269663 




25 


271739 


274725 


277778 


280899 




26 


282609 


285714 


288889 


292135 




27 


293478 


296703 


300000 


303371 




28 


304348 


307692 


311111 


314607 




29 


315217 


318681 


322222 


325843 




30 


326087 


329670 


333333 


337079 




31 


336957 


340659 


344444 


348315 



You can put your customers in touch with the best known 
bankers abroad by selling them National City Bank letters of credit. 



[56] 






Government Bond Interest 





4 per centum interest — i 


per centum per quarter 




Days 










interest on 


92-day 


91-day 


90-day 


89-day 




quarter 


quarter 


quarter 


quarter 


$100.00 


32 


347826 


351648 


355556 


359551 


from 32 days 
to ti days 


33 


358696 


362637 


366667 


370787 


34 


369565 


373626 


377778 


382022 


35 


380435 


384615 


388889 


393258 




36 


391304 


395604 


$00000 


404494 




37 


402174 


406593 


411111 


415730 




38 


413043 


417582 


422222 


426966 




39 


423913 


428571 


433333 


438202 




40 


434783 


439560 


444444 


449438 




41 


445652 


450549 


455556 


460674 




42 


456522 


461538 


466667 


471910 




43 


467391 


472527 


477778 


483146 




44 


478261 


483516 


488889 


494382 




45 


489130 


494505 


500000 


505618 




46 


500000 


505495 


511111 


516854 




47 


510870 


516484 


522222 


528090 




48 


521739 


527473 


533333 


539326 




49 


532609 


538462 


544444 


550562 




50 


543478 


549451 


555556 


561798 




51 


554348 


560440 


566667 


573034 




52 


565217 


571429 


577778 


584270 




53 


576087 


582418 


588889 


595506 




54 


586957 


593407 


600000 


606742 




55 


597826 


604396 


611111 


617978 




56 


608696 


615385 


622222 


629213 




51 


619565 


626374 


633333 


640449 




58 


630435 


637363 


644444 


651685 




59 


641304 


648352 


655556 


662921 




60 


652174 


659341 


666667 


674157 




61 


663043 


670330 


677778 


685393 





The "Washington representative of the National City Bank will, 
if desired, arrange for shipment of incomplete currency by registered 
mail insured. 

[57] 





The National City Bank 








4 per centum interest— i 


per centum per quarter 


Interest on 

$100.00 


Days 










92-day 
quarter 


91-day 
quarter 


90-day 
quarter 


89-day 
quarter 


from 62 days 
to 92 days 


62 
63 


673913 
684783 


681319 
692308 


688889 
700000 


696629 
707865 


64 


695652 


703297 


711111 


719101 




65 


706522 


714286 


722222 


730337 




66 


717391 


725275 


733333 


741573 




67 


728261 


736264 


744444 


752809 




68 


739130 


747253 


755556 


764045 




69 


750000 


758242 


766667 


775281 




70 


760870 


769231 


777778 


786517 




71 


771739 


780220 


788889 


797753 




72 


782609 


791209 


800000 


808989 




73 


793478 


802198 


811111 


820225 




74 


804348 


813187 


822222 


831461 




75 


815217 


824176 


833333 


842697 




76 


826087 


835165 


844444 


853933 




77 


836957 


846154 


855556 


865169 




78 


847826 


857143 


866667 


876404 




79 


858696 


868132 


877778 


887640 




80 


869565 


879121 


888889 


898876 




81 


880435 


890110 


900000 


910112 




82 


891304 


901099 


911111 


921348 




83 


902174 


912088 


922222 


932584 




84 


913043 


923077 


933333 


943820 




85 


923913 


934066 


944444 


955056 




86 


934783 


945055 


955556 


966292 




87 


945652 


956044 


966667 


977528 




88 


956522 


967033 


977778 


988764 




89 


967391 


978022 


988889 


1000000 




90 


978261 


989011 


1000000 






91 


989130 


1000000 








92 


1000000 









The National City Bank has established a financial library and 
is in position to furnish, without charge information regarding 
securities of all kinds. 



[58] 



INTEREST RATES AND 
HOLIDAYS 

ON the following pages will be 
found a brief digest of the laws 
of the different States and Terri- 
tories within the United States 
relating to Interest Rates, Usury, Days 
of Grace, Limitations of Actions, Legal 
Holidays, etc. Mention is also made of the 
States and Territories which have adopted 
the Negotiable Instruments Law, with the 
date of its taking effect. 

Section 5198 of the National Bank Act national Bank 
provides that the taking, reserving or charg- flCf Ott 
ing a rate of interest by a National Bank, TlltCfCSt 
greater than is allowed by the laws of the 
State where the bank is located, when know- 
ingly done, shall be deemed a forfeiture of 
the entire interest. In case the greater 
rate of interest has been paid, the person 
by whom it has been paid, or his legal 
representatives, may recover in an action 

[59] 



The National City Bank 



in the nature of an action of debt, twice 
the amount of the interest thus paid from 
the association taking or receiving the 
same, provided such action is commenced 
within two vears from the time the usurious 
action occurred. 

Provisions Of Section 144 of the Negotiable Instru- 
J^OttoM* ments Law provides that every negotiable 
instrument is payable at the time fixed 
therein, without grace. When the date of 
maturity falls upon Sunday or a holiday, 
the instrument is payable on the next 
succeeding business day. Instruments fall- 
ing due on Saturday are to be presented for 
payment on the next succeeding business 
day, except that instruments payable on 
demand may, at the option of the holder, 
be presented for payment before twelve 
o'clock noon on Saturday when that entire 
day is not a holiday. 



Instruments 
Eaw 



Alabama The legal and contract rate of interest is 
eight per cent, and the penalty for usury 
is forfeiture of all interest; if paid, excess, 

[60] 



Interest Rates and Holidays 



with interest from time of payment, may be 
recovered. Grace is allowed on notes, bills 
and sight drafts, but not on demand drafts. 

The Statute of Limitations applies in 
three years on open accounts, in six years 
on notes and contracts, in ten years on in- 
struments under seal, and in twenty years 
on judgments. 

Mardi Gras, Good Friday, Labor Day, 
Thanksgiving, January 1st, January 19th, 
February 22nd, April 26th, June 3rd, 
July 4th, and December 25th are legal 
holidays. Notes, etc., falling due on Sun- 
day or a legal holiday are payable the next 
succeeding business day. Holidays falling 
on Sunday are observed the following day. 

The legal rate of interest is six per cent; J\t\Z$M 
by contract any rate. No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, in four years 
on actions on instruments in writing exe- 
cuted without the territory, actions of debt 
founded on a contract in writing executed 
in the territory, and foreign judgments, and 
in five years on domestic judgments. 

[61] 



The National City Bank 



Labor Day, Election Day, Thanksgiving, 
Arbor Day, January 1st, February 22nd, 
May 30th, July 4th and December 25th are 
legal holidays. Friday following April 1st 
is observed as Arbor Day in Apache, Navajo, 
Coconino, Mohave and Yavapai Counties. 
In the rest of the Territory, it is observed 
on the Friday after February 1st. Holidays 
falling on Sunday are observed on Monday. 
Notes, etc., falling due on Sunday or a 
legal holiday are payable the next succeed- 
ing business day. 

The Negotiable Instruments Law went 
into effect September 1st, 1901, except as 
regards paper due on Saturday. 

Arkansas The legal rate of interest is six per cent; 
by contract ten per cent, the penalty for 
usury being forfeiture of both principal 
and interest. Grace is allowed, except on 
demand drafts. 

The Statute of Limitations applies in 
three years on open accounts, in five years 
on notes, contracts and instruments under 
seal and in ten years on judgments. 

[62] 



Interest Rates and Holidays 



January 1st, February 22nd, July 4th, 
Labor Day, Thanksgiving and December 
25th are legal holidays. All legal holidays 
falling on Sunday are observed Monday. 
Notes, etc., falling due on Sunday or a legal 
holiday are payable the preceding business 
day, but notice need not be given until the 
day afterward. 

The legal rate of interest is seven per California 
cent, with no limit to the rate by contract. 
No grace is allowed. 

The Statute of Limitations applies in two 
years on open accounts, notes, contracts 
and sealed instruments executed without 
the State, in four years on notes, contracts 
and sealed instruments executed within the 
State, and in five years on judgments. 

January 1st, February 22nd, May 30th, 
July 4th, September 9th, Labor Day, 
Election Day, Thanksgiving and December 
25th are legal holidays. Holidays falling 
on Sunday are observed the following Mon- 
day. Paper falling due on Sunday or a 
holiday is payable or presentable the next 
succeeding business day. 

[63] 



The National City Bank 



£010^0 The legal rate of interest is eight per cent ; 
by contract any rate. No grace is allowed. 

The Statute of Limitations applies in six 
years on open accounts, notes, contracts, 
judgments and instruments under seal. 

January 1st, February 12th, February 
22nd, May 30th, July 4th, Labor Day, Elec- 
tion Day, Thanksgiving and December 
25th are legal holidays. Holidays falling on 
Sunday are observed the Monday following. 
Notes, etc., falling due on a legal holiday 
or Sunday are payable on the next succeed- 
ing business day. In cities of one hundred 
thousand population or more, Saturday is a 
half -holiday during June, July and August. 
Paper falling due on a Saturday half -holiday 
is presentable for acceptance or payment 
before twelve o'clock noon; a demand of 
acceptance or payment thereof may be 
made and notice of protest or dishonor given 
on the next succeeding business day. No 
liability is incurred by any one receiving 
paper for collection and not presenting it on 
a half-holiday Saturday. 

The Negotiable Instruments Law went 

[64] 



Interest Rates and Holidays 



into effect July 19th, 1897, except as to pro- 
visions regarding paper due or presentable 
on Saturday. 

The legal and contract rate of interest is Connecticut 
six per cent, with no penalty for usury. 
No grace is allowed. 

The Statute of Limitations applies in six 
years on open accounts, notes and contracts, 
in seventeen years on instruments under 
seal, and in twenty years on judgments. 

January 1st, Good Friday, February 12th, 
February 22nd, May 30th, July 4th, Labor 
Day and December 25th are legal holidays; 
also any day appointed by the Governor or 
President as a day of thanksgiving, fast- 
ing or religious observance. For banking 
purposes, Saturday is a half-holiday in 
the entire State. Notes, etc., falling due 
on Saturday, Sunday or a legal holiday are 
payable the next succeeding business day, 
except that instruments payable on demand 
falling due on Saturday may, at the option of 
the holder, be presented before twelve o'clock 
noon. Holidays falling on Sunday are 

[65] 



The National City Bank 



observed the following day. Presentment 
for acceptance may be made before twelve 
o'clock on any Saturday not an entire 
holiday. 

The Negotiable Instruments Law went 
into effect on April 5th, 1897. 

Delaware The legal and contract rate of interest is 
six per cent, the penalty for usury being 
forfeiture of a sum equal to the money 
loaned. No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, in six years 
on notes and contracts, and in twenty years 
on judgments and instruments under seal. 
January 1st, February 12th, February 
22nd, May 30th, July 4th, Labor Day, 
Thanksgiving, Election Day, and December 
25th are legal holidays. Holidays falling on 
Sunday are observed the following day. 
Paper falling due on Sunday or a holiday 
is payable on the preceding business day, 
with the following exceptions: in New Cas- 
tle county every Saturday not a legal 
holiday is a half-holiday and paper then 

[66] 



Interest Rates and Holidays 



falling due and not paid or accepted be- 
fore twelve o'clock noon is due or present- 
able on the next business day. Paper 
falling due on a Sunday after a half -holiday 
Saturday or on a Monday when Monday 
is a holiday is payable the next business 
day. 

The legal rate of interest is six per cent; District Of 
by contract ten per cent, the penalty for KOIUItlpia 
usury being forfeiture of entire interest. 
No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, notes and 
contracts, and in twelve years on judgments 
and instruments under seal. 

As regards paper, January 1st, February 
22nd, Inauguration Day (March 4th of 
every fourth year), May 30th, July 4th, 
Labor Day and December 25th are legal 
holidays, also any day appointed by the 
President of the United States as a day of 
public fasting or thanksgiving. Holidays 
falling on Sunday are observed the following 
day. Saturday is by law a half-holiday 

[67] , 



The National City Bank 



and paper falling due on Saturday, Sunday 
or a legal holiday is payable the next suc- 
ceeding business day, except that demand 
paper may be presented for payment before 
noon on any Saturday not an entire holiday. 
When Saturday is not otherwise a holiday, 
presentment for acceptance may be made 
before twelve o'clock noon. 

The Negotiable Instruments Law went 
into effect on April 3rd, 1899. 

Tlorida The legal rate of interest is eight per cent ; 
by contract ten per cent, the penalty for 
usury being forfeiture of interest. Double 
the amount over ten per cent paid to any 
holder may be recovered by the maker from 
the payee. No grace is allowed. 

The Statute of Limitations applies in two 
years on open accounts, in five years on notes 
and contracts, in seven years on foreign judg- 
ments, and in twenty years on domestic 
judgments and instruments under seal. 

January 1st, January 19th, February 
22nd, Mardi Gras (in any town or city 
where there shall be on such day a Carnival 

[68] 



Interest Rates and Holidays 



Association organized for the purpose of 
celebrating the same), April 26th, June 3rd, 
July 4th, Labor Day, Election Day, Thanks- 
giving and December 25th are legal holi- 
days. Holidays falling on Sunday are ob- 
served on the following day. Paper falling 
due on Saturday, Sunday or a legal holiday 
is payable the next succeeding business day, 
except that demand paper may be presented 
for payment before noon on any Saturday 
not an entire holiday. When Saturday is 
not otherwise a holiday, presentment for 
acceptance may be made before noon. 

The Negotiable Instruments Law went 
into effect on August 3rd, 1897. 

The legal rate of interest is seven per cent ; Georgia 
by contract eight per cent, the penalty for 
usury being forfeiture of interest in excess of 
the legal rate. No grace is allowed. 

The Statute of Limitations applies in 
four years on open accounts, in five years on 
foreign judgments, in six years on notes and 
contracts, in seven years on domestic judg- 
ments, and in twenty years on instruments 
under seal. 

[69] 



The National City Bank 



January 1st, January 19th, February 
22nd, April 26th, June 3rd, July 4th, Labor 
Day, Thanksgiving and December 25th are 
legal holidays. All holidays falling on Sun- 
day are observed on the following day. 
Notes, etc., falling due on Sunday or a holi- 
day are payable on the preceding busi- 
ness day. If a Sunday and holiday fall to- 
gether, items due on the second holiday 
are payable the day after. 

TdabO The legal rate of interest is seven per cent ; 

by contract twelve per cent. The penalty 
for usury is loss of interest by the lender and 
ten per cent per annum from the borrower 
for the school fund. No grace is allowed. 

The Statute of Limitations applies in 
four years on open accounts, in five years 
on notes, contracts and instruments under 
seal, and in six years on judgments. 

January 1st, February 22nd, Friday fol- 
lowing the first day of May, July 4th, every 
general election day and December 25th 
are legal holidays, also every day appointed 
by the President or Governor for public 

[70] 



Interest Rates and Holidays 



fast, thanksgiving or holiday. Holidays 
falling on Sunday are observed the following 
day. When Saturday is not otherwise a 
holiday, presentment for acceptance may 
be made before twelve o'clock. Paper fall- 
ing due on Sunday or a holiday is payable 
the next succeeding business day. Paper 
falling due on Saturday is to be presented on 
the next succeeding business day except 
that instruments payable on demand may, 
at the option of the holder, be presented for 
payment before twelve o'clock noon when 
the entire day is not a holiday. 

The Negotiable Instruments Law went 
into effect on March 10th, 1903. 

The legal rate of interest is five per cent; TllitlOiS 
by contract seven per cent, the penalty for 
usury being forfeiture of entire interest. A 
corporation cannot plead usury. No grace 
is allowed. 

The Statute of Limitations applies in 
five years on open accounts and foreign 
judgments, in ten years on notes, contracts 
and sealed instruments, and in twenty years 
on domestic judgments. 

[71] 



The National City Bank 



January 1st, February 12th, February 
22nd, May 30th, July 4th, Election Day, 
first Monday in September and December 
25th are legal holidays, also every day 
appointed by the Governor or President as 
a day of fast or thanksgiving. Instruments 
falling due on Sunday or a holiday are pay- 
able the next succeeding business* day. 
Holidays falling on Sunday are observed 
the following day. 

Indiana The legal rate of interest is six per cent; 

by contract eight per cent, the penalty 
for usury being forfeiture of excess of in- 
terest. Grace is allowed on all paper 
except demand drafts. 

The Statute of Limitations applies in six 
years on open accounts, in ten years on 
notes, contracts and instruments under seal, 
and in twenty years on judgments. 

Notes not payable at a bank are negoti- 
able by indorsement and the assignee may 
in his own name recover against the maker, 
but his rights are subject to any defense 
accruing to the maker before notice of 
assignment. 

[72] 



Interest Rates and Holidays 



January 1st, February 22nd, May 30th, 
July 4th, Labor Day and December 25th 
are legal holidays, also any day appointed 
or recommended by the President or 
Governor as a day of public fasting or 
thanksgiving and the day of any general, 
national or state election. Holidays falling 
on Sunday are observed the following day. 
Instruments falling due on Sunday or a 
holiday are payable the preceding business 
day. In cities of more than 100,000 inhabi- 
tants, Saturday is a half -holiday, and paper 
due on such Saturday, or Sunday, or Mon- 
day,when Monday is a holiday, is considered 
due on the business day next preceding. 

The legal rate of interest is six per Tttdiatt 
cent; by contract eight per cent. The Ccrritory 
penalty for usury is forfeiture of principal 
and interest. Grace is allowed on all 
paper except demand drafts. 

The Statute of Limitations applies in 
three years on open accounts, in five years 
on notes and contracts, and in ten years 
on judgments and instruments under 
seal. 

[73] 



The National City Bank 



January 1st, February 22nd, July 4th, 
first Monday in September, Thanksgiving 
and December 25th are legal holidays. 
Instruments due on Sunday or a holiday 
are payable on the preceding business day 
and notice may be given the next succeed- 
ing business day. 

TOWa The legal rate of interest is six per cent; 

by contract eight per cent, and the penalty 
for usury is forfeiture of interest and costs. 
Defendant also forfeits eight per cent per 
annum to the school fund. Grace is al- 
lowed except on demand drafts. 

The following amendment as to demand 
on days of grace is made by Section 198 of the 
Negotiable Instruments Law: "A demand 
made on any one of the three days following 
the maturity of the instrument, except on 
Sunday or a holiday, shall be as effectual 
as though made on the day on which demand 
may be made under the provisions of this 
act, and the provisions of this act as to 
notice of non-payment, non-acceptance and 
as to protest shall be applicable with refer- 

[74] 



Interest Rates and Holidays 



ence to such demand as though the demand 
were made in accordance with the terms of 
this act; but the provisions of this section 
shall not be construed as authorizing de- 
mand on any day after the third day from 
that on which the instrument falls due ac- 
cording to its face." 

The Statute of Limitations applies in 
five years on open accounts, in ten years 
on notes, contracts and instruments under 
seal and in twenty years on judgments. 

January 1st, February 22nd, May 30th, 
July 4th, Labor Day, Thanksgiving, Decem- 
ber 25th and all national and state election 
days are legal holidays. Instruments due 
on Saturday, Sunday or a holiday are 
payable next business day, except that 
demand paper may be presented for pay- 
ment before noon on any Saturday not an 
entire holiday. When Saturday is not 
otherwise a holiday, presentment for accept- 
ance may be made before noon. 

The Negotiable Instruments Law be- 
came operative on July 4th, 1902, amended 
as to days of grace. 

[75] 



The National City Bank 



Kansas The legal rate of interest is six per cent; 
by contract ten per cent. The penalty for 
usury is forfeiture of excess of interest 
and a sum of money to be deducted from 
the amount due for principal and lawful 
interest, equal to the amount of interest 
contracted for in excess of ten per cent. 
Grace is allowed except on sight and 
demand drafts. 

The Statute of Limitations applies in 
three years on open accounts, and in five 
years on notes, contracts, judgments and 
instruments under seal. 

January 1st, February 22nd, May 30th, 
July 4th, Labor Day, Thanksgiving Day 
and December 25th are legal holidays. 
Instruments due on Sunday or a holiday 
are payable the preceding business day. 

Kentucky The legal and contract rate of interest is 
six per cent and excess of this rate cannot 
be recovered. No grace is allowed. 

The Statute of Limitations applies in five 
years on open accounts, bills of exchange 
and notes placed on the footing of bills of 

[76] 



Interest Rates and Holidays 



exchange, and in fifteen years on other 
notes, contracts, judgments and sealed in- 
struments. 

January 1st, February 22nd, May 30th, 
July 4th, Labor Day and December 25th 
are legal holidays; also all days appointed 
by the President or Governor as days of 
fasting or thanksgiving. Holidays falling 
on Sunday are observed Monday. Instru- 
ments due on Sunday or a holiday are 
payable the next business day. 

The Negotiable Instruments Law went 
into effect on June 13th, 1904, except as 
regards paper due on Saturday. 

The legal rate of interest is five per cent; Louisiana 
by contract eight per cent, and the 
penalty for usury is forfeiture of entire 
interest. No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, in five years 
on notes, contracts and instruments under 
seal and in ten years on judgments. 

January 1st, January 8th, February 22nd, 
Good Friday, June 3rd, July 4th, November 

[77] 



The National City Bank 



1st, Thanksgiving and December 25th are 
legal holidays; also all general election days, 
presidential, congressional, state, municipal 
or parochial, and, in the parish of Orleans, 
Mardi Gras and Labor Day, and in cities 
whose population exceeds 15,000, every 
Saturday from twelve o'clock noon. In cities 
whose population exceeds 50,000, a holiday 
falling on Sunday is observed on the follow- 
ing day. Instruments due on Saturday, Sun- 
day or a holiday are payable on next suc- 
ceeding business day, except that demand 
paper may be presented for payment before 
noon on any Saturday not an entire holiday. 
When Saturday is not otherwise a holiday, 
presentment for acceptance may be made 
before noon. 

The Negotiable Instruments Law went 
into effect on July 1st, 1904. 

Hlailte The legal rate of interest is six per cent; 

by contract any rate. No grace is allowed, 

except on sight paper, after July 1st, 1897. 

The Statute of Limitations applies in six 

years on open accounts, notes and con- 

[78] 



Interest Rates and Holidays 



tracts, and in twenty years on judgments, 
instruments under seal, bank bills and 
witnessed notes. 

January 1st, February 22nd, May 30th, 
July 4th, Labor Day, December 25th and 
any day of fast or thanksgiving appointed 
by the Governor or the President are legal 
holidays. Holidays falling on Sunday are 
observed Monday. Instruments due on 
Sunday or a holiday are payable the next 
succeeding business day. For all purposes 
as regards the presenting for payment or 
acceptance and protesting and giving notice 
of dishonor of paper, Saturday is a half- 
holiday, and paper liable to protest for non- 
acceptance or non-payment at twelve o'clock 
on such Saturday may be protested for non- 
acceptance or non-payment on such Satur- 
day after twelve o'clock or on the next 
business day. 

The legal and contract rate of interest is Maryland 
six per cent, and the penalty for usury is 
forfeiture of excess of interest. No grace is 
allowed. 



[79] 



The National City Bank 



The Statute of Limitations applies in 
three years on open accounts, notes and 
contracts and in twelve years on judgments 
and sealed instruments., Fp i^t I"! 

January 1st, February 22nd, Good Friday, 
May 30th, July 4th, Labor Day (if so 
declared by the Governor of the State), 
September 12th (in Baltimore City) and 
December 25th are legal holidays; also all 
days of general and congressional elections, 
and any day appointed by the Governor or 
the President as a day of fast, thanksgiving 
or prayer. In Cecil county, for banks, 
Saturday is a legal half-holiday. Holidays 
falling on Sunday are observed Monday. 
Instruments due on Sunday or a holiday 
are payable on the next succeeding business 
day. This is also true regarding instruments 
due on Saturday, except that demand paper 
may be presented before twelve o'clock when 
the entire Saturday is not a holiday. When 
Saturday is not otherwise a holiday, pre- 
sentment for acceptance may be made 
before noon. 



[80] 



Interest Rates and Holidays 



The Negotiable Instruments Law went 
into effect June 1st, 1898. 

The legal rate of interest is six perflla$$acbU$Ctt$ 
cent; by contract any rate, except that 
on loans of less than $1,000 only eighteen 
per cent is recoverable, and not over $5 for 
necessary expenses. No bond at more than 
seven per cent can be issued by a corporation. 
There is no penalty for usury. No grace is 
allowed except on sight drafts. 

The Statute of Limitations applies injsix 
years on open accounts, notes and contracts, 
and in twenty years on judgments, sealed 
instruments, witnessed notes where action 
is brought by the original payee or his 
executor or administrator, and bills, notes, 
etc., issued by a bank. 

February 22nd, April 19th, May 30th, 
July 4th, the first Monday in September, 
Thanksgiving and December 25 th are legal 
holidays; also, for banking purposes, Satur- 
days after twelve o'clock. Bunker Hill 
Day, June 17th, is observed in Boston by 
agreement of banks. Holidays falling on 

[81] 



The National City Bank 



Sunday are observed Monday. Instru- 
ments falling due on Saturday, Sunday or a 
holiday are payable on the next succeeding 
business day, except that demand paper 
may be presented by the holder before 
twelve o'clock on a Saturday, not a whole 
holiday. When Saturday is not otherwise 
a holiday, presentment for acceptance may 
be made before noon. 

The Negotiable Instruments Law went 
into effect on January 1st, 1899, amended 
as to days of grace on sight drafts. 

Michigan The legal rate of interest is five per cent; 
by contract seven per cent, and the penalty 
for usury is forfeiture of all interest. Grace 
is allowed, except on demand drafts. 

The Statute of Limitations applies in six 
years on open accounts, notes and con- 
tracts and in ten years on instruments under 
seal and judgments. 

January 1st, February 22nd, July 4th, 
May 30 th and December 25th are legal 
holidays, also all days appointed by the 
Governor or President as days of fast or 

[82] 



Interest Rates and Holidays 



thanksgiving. For banking purposes, the 
first Monday in September (Labor Day) 
and every Saturday afternoon shall be con- 
sidered a holiday. Holidays falling on 
Sunday are observed Monday. Instruments 
due on Saturday, Sunday or a holiday are 
payable and presentable on the next suc- 
ceeding business day. 

The legal rate of interest is six per cent; Minnesota 
by contract ten per cent, and the penalty 
for usury is forfeiture of all interest. Usu- 
rious contracts are void, except negotiable 
paper in the hands of a bona fide purchaser 
before maturity. Grace is allowed on 
sight drafts only. 

The Statute of Limitations applies in six 
years on open accounts, notes, contracts 
and instruments under seal, and in ten years 
on judgments. 

January 1st, February 12th, February 
22nd, May 30th, July 4th, Labor Day, 
General Election Day (Tuesday after the 
first Monday in November in even years) 
and December 25th are legal holidays. 

[83] 



The National City Bank 



Thanksgiving and Good Friday are recog- 
nized as holidays in so far that negotiable 
instruments or contracts due or payable on 
such days shall be payable or performable 
on the next succeeding business day or pro- 
tested on such succeeding day, in case of 
non-payment. Holidays falling on Sunday 
are observed Monday. Instruments falling 
due on Sunday or a holiday are payable the 
next succeeding business day. 

Mississippi The legal rate of interest is six per cent; 
by contract ten per cent, and the penalty 
for usury is forfeiture of all interest. Grace 
is allowed, except on demand drafts. 

The Statute of Limitations applies in 
three years on open accounts and foreign 
judgments against a resident of the state, in 
six years on notes, contracts and instruments 
under seal, and in seven years on judgments 
except as above specified. 

January 1st, February 22nd, July 4th, 
Thanksgiving, Labor Day and December 
25 th are legal holidays. Holidays falling 
on Sunday are observed Saturday. Instru- 

[84] 



Interest Rates and Holidays 



ments due on Sunday or a holiday are 
payable the preceding business day. 

The legal rate of interest is six per cent; Missouri 
by contract eight per cent. The penalty 
for usury is forfeiture of entire interest 
with costs, but the lender recovers the 
principal, less the usurious interest paid, 
and legal interest on that sum. Grace is 
allowed, except on sight and demand drafts. 

The Statute of Limitations applies in five 
years on open accounts, and in ten years on 
notes, contracts, judgments and instru- 
ments under seal. 

January 1st, February 22nd, May 30th, 
July 4th, first Monday in September, and 
December 25th are legal holidays, also 
general or state election days, and any 
thanksgiving day appointed by the Governor 
or the President. Saturday afternoons are 
legal holidays in respect to banks, for the 
presentment, acceptance, etc., of negotiable 
paper, in all cities of more than 100,000 
population. Holidays falling on Sunday 
are observed Monday. Instruments falling 

[85] 



The National City Bank 



due on Sunday or a holiday are payable next 
business day. If Sunday and a holiday come 
together, items due the first holiday are 
payable the day before. Paper falling due 
on Saturday half-holiday is presentable for 
acceptance or payment on the next succeed- 
ing business day and all paper except sight 
and demand drafts shall be payable on the 
next succeeding business day. On paper 
not paid before twelve o'clock noon, demand 
may be made and notice may be given the 
next business day. 

Montana The legal rate of interest is eight per cent; 
by contract any rate. No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, in eight years 
on notes, contracts and instruments under 
seal, and in ten years on judgments. 

January 1st, February 22nd, May 30th, 
July 4th, the first Monday in September and 
December 25th are legal holidays, also all 
state election days and all days appointed 
by the President or Governor for public 
fast, thanksgiving or holiday. If January 

[86] 



Interest Rates and Holidays 



1st, February 22nd, May 30th, July 4th, 
or December 25th falls upon Sunday, the 
following Monday is a holiday. Instru- 
ments falling due on Sunday or a holiday 
are payable the next succeeding business 
day. Instruments falling due on Saturday 
are to be presented for payment on the next 
succeeding business day, except that instru- 
ments payable on demand may, at the option 
of the holder, be presented for payment 
before twelve o'clock noon on Saturday, 
when that entire day is not a holiday. 

The Negotiable Instruments Law went 
into effect on March 7th, 1903. 

The legal rate of interest is seven per cent ; ftebrasKa 
by contract ten per cent, and the penalty 
for usury is forfeiture of interest and costs. 
Grace is allowed, except on demand 
drafts. 

The Statute of Limitations applies in four 
years on open accounts and in five years 
on notes, contracts, judgments and instru- 
ments under seal. 

January 1st, February 22nd, April 22nd, 

[87] 



The National City Bank 



May 30th, July 4th, Labor Day, and 
December 25th are legal holidays, also 
any day appointed by the President or 
Governor as a day of fast or thanksgiving. 
Instruments falling due on Sunday or a holi- 
day are payable on the next succeeding busi- 
ness day. When a holiday falls on Sunday, 
the Monday following, as regards com- 
mercial paper, shall be deemed a public 
holiday. 

The legal rate of interest is seven per cent ; 
by contract any rate. Grace is allowed, 
except on sight drafts. 

The Statute of Limitations applies in 
four years on open accounts and in six 
years on notes, contracts, judgments and 
instruments under seal. 

January 1st, February 22nd, July 4th, 
Thanksgiving (on proclamation of the 
Governor), and December 25th are legal 
holidays. Instruments falling due on Sun- 
day or a holiday are payable the pre- 
ceding business day. 

[88] 



Interest Rates and Holidays 



The legal and contract rate of interest ftew 
is six per cent, and the penalty for usury is fiattipsbilt 
forfeiture of three times the excess paid. 
Principal, with legal interest, may be re- 
covered. Sight drafts only are entitled to 
grace. 

The Statute of Limitations applies in 
six years on open accounts, notes and con- 
tracts, and in twenty years on judgments 
and instruments under seal. 

February 22nd, May 30th, July 4th, 
Thanksgiving and fast days (whenever 
appointed), Labor Day, December 25th 
and general election days in even years are 
legal holidays. Holidays falling on Sunday 
are observed the following Monday. In- 
struments due on Sunday or a holiday are 
payable the next succeeding business day. 

The legal and contract rate of interest is j^ Jersey 
six per cent, and the penalty for usury is 
forfeiture of entire interest and costs. Cor- 
porations may not plead usury in any action 
commenced since April 3rd, 1902. No 
grace is allowed. 

[89] 



The National City Bank 



The Statute of Limitations applies in 
six years on open accounts, notes and con- 
tracts, in sixteen years on instruments 
under seal, and in twenty years on judg- 
ments. 

January 1st, February 12th, February 
22nd, May 30th, July 4th, first Monday in 
September, Thanksgiving, December 25th 
and all days on which a general election for 
members of the Assembly may be held, are 
legal holidays, also any day set aside by 
proclamation by the Governor or the 
President for purposes of public observance, 
and Saturday afternoons. Holidays falling 
on Sunday are observed the Monday fol- 
lowing. Instruments falling due on Satur- 
day, Sunday or a holiday are payable the 
next succeeding business day, except that 
demand paper may be presented for pay- 
ment before noon on any Saturday not an 
entire holiday. Presentment for accept- 
ance may be made before noon when Satur- 
day is not otherwise a holiday. 

The Negotiable Instruments Law went 
into effect on July 4th, 1902. 

[90] 



Interest Rates and Holidays 



The legal rate of interest is six per cent; HCW TllCXiCO 
by contract twelve per cent, and the penalty 
for usury is forfeiture of twice the amount. 
It is also a misdemeanor punishable by 
fine of not less than $25 or more than $100. 
Grace is allowed, except on demand drafts. 

The Statute of Limitations applies in four 
years on open accounts, in six years on 
notes, contracts and instruments under 
seal and in seven years on judgments. 

January 1st, July 4th, and December 25th 
are legal holidays, also such other days as 
may be designated by the Government. 
Holidays falling on Sunday are observed 
the following Monday. Instruments falling 
due on Sunday or a holiday are payable 
the next succeeding business day. 

The legal and contract rate of interest is H*W VorR 
six per cent. A usurious contract is void 
and punishable as a misdemeanor. Cor- 
porations cannot plead usury. Any rate 
of interest may be agreed upon in case of 
call loans amounting to at least $5,000, 
secured by warehouse receipts, bills of lad- 

[91] 



The National City Bank 



ing, certificates of stock or negotiable instru- 
ments. State banks and individual bankers 
have been placed on the same footing as 
national banks with respect to usurious 
interest. No grace is allowed on paper 
dated after January 1st, 1895. 

The Statute of Limitations applies in six 
years on open accounts, notes and contracts, 
and in twenty years on judgments and in- 
struments under seal. 

January 1st, February 12th, February 
22nd, May 30th, July 4th, Labor Day, 
thanksgiving and fast days (when pro- 
claimed by the President or Governor), 
December 25th and General Election Day 
are legal holidays, and every Saturday from 
twelve o'clock noon shall be considered as 
Sunday for the purpose of presenting and 
protesting notes. Holidays falling on Sun- 
day are observed the following day. In- 
struments falling due on Saturday, Sunday 
or a holiday are payable on the next suc- 
ceeding business day. Demand paper may 
be presented before noon on Saturday unless 
the entire day is a holiday. 



[92] 



Interest Rates and Holidays 



The Negotiable Instruments Law went 
into effect October 1st, 1897. 

The legal and contract rate of interest is 
six per cent, and the penalty for usury is Carolina 
forfeiture of the entire interest and twice 
the amount paid. Grace is allowed, except 
on notes and bills payable on demand. 

The Statute of Limitations applies in 
three years on open accounts, notes and 
contracts, and in ten years on judgments 
and instruments under seal. 

January 1st, January 19th, February 
22nd, May 10th, May 20th, July 4th, first 
Monday in September, Thanksgiving (to 
be fixed annually by the Governor) and 
December 25th are legal holidays. Holi- 
days falling on Sunday are observed Mon- 
day. Instruments due on Saturday, Sunday 
or a holiday are payable on the next suc- 
ceeding business day, except that demand 
paper may be presented for payment before 
noon on any Saturday, not an entire holiday. 
When Saturday is not otherwise a holiday, 
presentation for acceptance may be made 
before noon. 

[93] 



The National City Bank 



The Negotiable Instruments Law went 
into effect on March 8th, 1899, amended 
as to days of grace. 

Hortl) Dakota The legal rate of interest is seven per cent; 
by contract twelve per cent, and the penalty 
for usury is forfeiture of the entire interest. 
If paid, double the amount may be recover- 
ed. Railroad corporations cannot plead 
usury in a suit on obligations for payment of 
money issued by them. No grace is allowed. 

The Statute of Limitations applies in six 
years on open accounts, notes, contracts 
and instruments under seal and in ten 
years on judgments. 

January 1st, February 12th, February 
22nd, May 30th, July 4th, every state 
election day and December 25th are legal 
holidays; also every day appointed by the 
President or Governor for public fast, 
thanksgiving or holiday. Holidays falling 
on Sunday are observed Monday. Instru- 
ments falling due on Saturday, Sunday or a 
holiday are payable on the next succeeding 
business day, except that paper payable 

[94] 



Interest Rates and Holidays 



on demand may be presented for payment 
before noon on any Saturday not an entire 
holiday. When Saturday is not otherwise 
a holiday, presentment for acceptance may 
be made before noon. 

The Negotiable Instruments Law went 
into effect on July 1st, 1899. 

The legal rate of interest is six per cent; OWO 
by contract eight per cent, and the penalty 
for usury is forfeiture of excess. No grace 
is allowed on paper dated after September 
1st, 1895. 

The Statute of Limitations applies in six 
years on open accounts, in fifteen years on 
notes, contracts, instruments under seal 
and foreign judgments, and in twenty-six 
years on domestic judgments. 

January 1st, February 22nd, May 30th, 
July 4th, first Monday in September, and 
December 25th are legal holidays; also 
every day appointed by the Governor or 
the President as a day of fast or thanks- 
giving. Saturday afternoon is a holiday. 
Holidays falling on Sunday are observed 

[95] 



The National City Bank 



Monday. Instruments due on Saturday, 
Sunday or a holiday are payable on the next 
succeeding business day, except that the 
holder may present instruments payable on 
demand before twelve o'clock noon of 
any Saturday, the whole of which is not a 
holiday. When Saturday is not otherwise 
a holiday, presentment for acceptance may 
be made before noon. 

The Negotiable Instruments Law became 
effective on January 1st, 1903. 

The legal rate of interest is seven per cent; 
by contract twelve per cent, and the penalty 
for usury is forfeiture of interest. Grace 
is allowed. 

The Statute of Limitations applies in 
one year on foreign judgments, in three 
years on open accounts, and in five years 
on notes, contracts, instruments under seal 
and domestic judgments. 

January 1st, February 22nd, May 30th, 
July 4th, Labor Day and December 25th 
are legal holidays; also every territorial 
election day and every day appointed by 

[96] 



Interest Rates and Holidays 



the President or the Governor for public 
fast, thanksgiving or holiday. If January 
1st, February 22nd, July 4th or December 
25th fall on Sunday, the Monday following 
is a holiday. Instruments falling due on 
Sunday or a holiday are payable on the 
next succeeding business day. 

The legal rate of interest is six per cent; Oregon 
by contract ten per cent, and the penalty 
for usury is forfeiture of principal and 
interest. No grace is allowed. 

The Statute of Limitations applies in 
six years on open accounts, notes and 
contracts, and in ten years on judgments 
and instruments under seal. 

January 1st, February 22nd, May 30th, 
July 4th, the first Monday in September 
and December 25th are legal holidays; also 
every general election day and every day 
appointed by the President or Governor as 
a day of fast, thanksgiving or holiday. 
Holidays falling on Sunday are observed the 
following Monday. Instruments falling 
due on Saturday, Sunday or a holiday are 

[97] 



The National City Bank 



payable on the next succeeding business 
day, except that demand paper may be 
presented before noon' on any Saturday not 
an entire holiday. When Saturday is not 
otherwise a holiday, presentment for accept- 
ance may be made before noon. 

The Negotiable Instruments Law went 
into effect on May 19th, 1899. 

Pennsylvania The legal and contract rate of interest is 
six per cent. Commission merchants and 
agents may contract with parties outside 
the state for seven per cent. On advances 
repayable on demand of not less than $5,000 
upon warehouse receipts, bills of lading, 
certificates of stock or of deposit, bills, 
bonds or other negotiable instruments, 
any rate agreed upon in writing may be 
charged. The penalty for usury is for- 
feiture of excess of interest. No grace is 
allowed on paper dated after January 1st, 
1896. 

The Statute of Limitations applies in six 
years on open accounts, notes and con- 
tracts, and in twenty years on judgments 
and instruments under seal. 

[98] 



Interest Rates and Holidays 



January 1st, February 12th, third Tues- 
day in February, February 22nd, Good 
Friday, May 30th, July 4th, Labor Day, 
Election Day, Thanksgiving and December 
25th are legal holidays; also every Saturday 
after twelve o'clock noon. When January 
lst,February 12th,February 22nd,May 30 th, 
July 4th or December 25th falls on Sunday 
the following Monday shall be considered 
a public holiday. Instruments falling due 
on Saturday, Sunday or a holiday are pay- 
able the next succeeding business day, except 
that instruments payable on demand may 
be presented before noon on Saturday when 
that entire day is not a holiday. When 
Saturday is not otherwise a holiday, present- 
ment for acceptance may be made before 
noon. 

The Negotiable Instruments Law went 
into effect on September 2nd, 1901. 

The legal rate of interest is six per cent; rua/i* Tctand 
by contract any rate. No grace is allowed, 
except on sight drafts. 



[99] 



I o*C. 



The National City Bank 



The Statute of Limitations applies in six 
years on open accounts, notes and contracts, 
and in twenty years on judgments and in- 
struments under seal. 

January 1st, February 22nd, the second 
Friday in May, May 30th, July 4th, the first 
Monday in September, Tuesday next after 
the first Monday in November and Decem- 
ber 25th are legal holidays, also such days 
as are appointed by the national or state 
authority for thanksgiving, fast or holiday. 
Holidays falling on Sunday are observed 
Monday. Instruments falling due on 
Saturday, Sunday or a holiday are payable 
next succeeding business day, except that 
demand paper may be presented for pay- 
ment before noon on any Saturday not an 
entire holiday. When Saturday is not 
otherwise a holiday, presentment for pay- 
ment may be made before noon. 

The Negotiable Instruments Law went 
into effect on July 1st, 1899, with the excep- 
tion of provision as to days of grace on 
sight drafts. 

[100] 



Interest Rates and Holidays 



The legal rate of interest is seven per j ou ^ 
cent; by contract eight per cent, and the Carolina 
penalty for usury is forfeiture of all interest. 
If paid, double the amount may be 
recovered. Grace is allowed, except on 
demand drafts. 

The Statute of Limitations applies in six 
years on open accounts, notes, contracts, 
sealed notes and personal bonds for the 
payment of money only not secured by 
mortgage, and in twenty years on judg- 
ments and other instruments under seal. 

January 1st, January 19th, February 
22nd, May 10th, June 3rd, July 4th, the first 
Monday in September and December 25th 
are legal holidays ; also all national thanks- 
giving days and all general election days. 
In Charleston and Richland counties, every 
Saturday from 12 o'clock noon to 12 o'clock 
midnight is a legal half-holiday as regards 
commercial paper. Holidays falling on Sun- 
day are observed Monday. Instruments fall- 
ing due on Sunday or a holiday are payable 
the next succeeding business day. Paper 
falling due on a Saturday half-holiday is 

[101] 



The National City Bank 



presentable before twelve o'clock noon and 
in the case of paper not paid before noon, a 
demand of acceptance or payment may be 
made and notice of protest or dishonor 
given on the business day next succeed- 
ing. 

SOUtD DaKOta The legal rate of interest is seven per cent; 
by contract twelve per cent, and the penalty 
for usury is forfeiture of all interest. Usury 
is also a misdemeanor. No railroad cor- 
poration may plead usury against the holder 
of any bond or obligation for payment of 
money, which it has issued. Grace is 
allowed. 

The Statute of Limitations applies in six 
years on open accounts, notes and contracts, 
in ten years on foreign judgments, and 
in twenty years on domestic judgments 
and instruments under seal. 

January 1st, February 22nd, May 30th, 
July 4 th, and December 25th are legal holi- 
days, also every day on which an election 
is held throughout the state and every day 
appointed by the President or Governor for 

[102] 



Interest Rates and Holidays 



public fast, thanksgiving or holiday. If 
January 1st, February 22nd, July 4th or 
December 25th falls upon Sunday, the 
Monday following is a holiday. Instru- 
ments falling due on Sunday or a holiday 
are payable the next succeeding business 
day. 

The legal and contract rate of interest is CCM1C$$CC 
six per cent, and the penalty for usury is 
forfeiture of excess of interest. The taking 
of usury is also a misdemeanor, punishable 
by fine. No grace is allowed. 

The Statute of Limitations applies in six 
years on open accounts, notes, contracts 
and instruments under seal, and in ten 
years on judgments. 

January 1st, February 22nd, Good Fri- 
day, second Friday in May, Decoration 
Day, Memorial Day, June 3rd, July 4th, 
the first Monday in September and Decem- 
ber 25th are legal holidays, also all days 
appointed by the Governor or President as 
days of fast or thanksgiving and all days 
set apart by law for county, state and 

[103] 



The National City Bank 



national elections. Holidays falling on Sun- 
day are observed Monday. Saturday is 
by law a half -holiday. Instruments falling 
due on Saturday, Sunday or a holiday are 
payable the next succeeding business day, 
except that demand paper may be presented 
for payment before noon on any Saturday 
not an entire holiday. When Saturday is 
not otherwise a holiday, presentment for 
acceptance may be made before noon. 

The Negotiable Instruments Law went 
into effect on May 16th, 1899. 

Ccxa$ The legal rate of interest is six per 

cent; by contract ten per cent, and the 
penalty for usury is forfeiture of the entire 
interest. If paid, double the amount may 
be recovered. Grace is allowed on all 
paper except demand drafts. 

The Statute of Limitations applies in 
two years on open accounts, in four years 
on notes, contracts and instruments under 
seal, and in ten years on judgments. 

January 1st, February 22nd, March 2nd, 
April 21st, July 4th, the first Monday in Sep- 

[104] 



Interest Rates and Holidays 



tember and December 25th are legal holi- 
days, also all days appointed by the Gover- 
nor or President as days of fast or thanks- 
giving, and every day on which an election is 
held throughout the state. Holidays falling 
on Sunday are observed Monday. Instru- 
ments falling due on Sunday or a holiday 
are payable the preceding business day. 

The legal rate of interest is eight per cent ; Utal) 
by contract any rate. No grace is allowed. 

The Statute of Limitations applies in 
four years on open accounts, in six years on 
notes, contracts and instruments under seal, 
and in eight years on judgments. 

January 1st, February 22nd, April 15th, 
May 30th, July 4th, July 24th, first Mon- 
day in September and December 25th 
are legal holidays; also all days designated 
by the Governor or President as days of fast 
or thanksgiving. Holidays falling on Sun- 
day are observed on Monday. Instruments 
due on Saturday, Sunday or a holiday are 
payable on the next succeeding business day, 
except that instruments payable on demand 

[105] 



The National City Bank 



may be presented before noon on Saturday 
when that entire day is not a holiday. 
When Saturday is not otherwise a holiday, 
presentment for acceptance may be made 
before noon. 

The Negotiable Instruments Law went 
into effect on July 1st, 1899. 

Ucrmottt The legal and contract rate of interest is 
six per cent; and the penalty for usury is 
forfeiture of the excess. No grace is 
allowed. 

The Statute of Limitations applies in six 
years on open accounts, notes and contracts, 
and in eight years on judgments and instru- 
ments under seal. 

January 1st, February 22nd, May 30th, 
July 4th, August 16th, Labor Day and 
December 25th are legal holidays; also 
thanksgiving and fast days, when appointed 
by the Governor or President. Holidays fall- 
ing on Sunday are observed on Saturday. 
Instruments falling due on Saturday, Sun- 
day or a holiday are payable the next suc- 
ceeding business day, except that demand 

[106] 



Interest Rates and Holidays 



paper may be presented before noon on any 
Saturday not an entire holiday. 

The legal and contract rate of interest is UiNJinfa 
six per cent, and the penalty for usury is 
forfeiture of interest. Corporations cannot 
plead usury. No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, in five years 
on notes and contracts, and in ten years on 
judgments and instruments under seal. 

January 1st, January 19th, February 
22nd, May 30th, July 4th, first Monday in 
September and December 25th are legal 
holidays; also any day appointed by the 
President or Governor as a day of thanks- 
giving, fast or prayer. Saturday is an en- 
tire holiday. Holidays falling on Sunday 
are observed Monday. Instruments falling 
due on Saturday, Sunday or a holiday 
are payable the next succeeding business 
day. 

The Negotiable Instruments Law went 
into effect on July 1st, 1898. 

[107] 



The National City Bank 



Washington The legal rate of interest is six per cent; 
by contract twelve per cent. The penalty 
for usury is the forfeiture from principal of 
the amount of interest contracted for, with 
costs; and if paid, forfeiture of twice the 
amount paid and all unpaid interest which 
has accrued. No grace is allowed. 

The Statute of Limitations applies in 
three years on open accounts, and in six 
years on notes, contracts, judgments and 
instruments under seal. 

January 1st, February 12th, February 
22nd, Decoration Day, July 4th, the first 
Monday in September and December 25th 
are legal holidays; also any day designated 
by the Governor as a legal holiday or day of 
thanksgiving, and general election days. 
Holidays falling on Sunday are observed 
Monday. Instruments falling due on Sat- 
urday, Sunday or a holiday are payable the 
next succeeding business day, except that 
demand paper may be presented for pay- 
ment before noon on any Saturday not an 
entire holiday. When Saturday is not 
otherwise a holiday, presentment for 

[108] 



Interest Rates and Holidays 



acceptance may be made before noon. 

The Negotiable Instruments Law went 
into effect on March 22nd, 1899. 

The legal and contract rate of interest is Ole$t Uirgitti* 

six per cent, and the penalty for usury is 
forfeiture of excess of interest. Corpora- 
tions cannot plead usury. No grace is al- 
lowed. 

The Statute of Limitations applies in five 
years on open accounts, and in ten years on 
notes, contracts, judgments and instru- 
ments under seal. 

January 1st, February 22nd, May 30th, 
July 4th, the first Monday in September, 
December 25th and any national or state 
election day are legal holidays ; also any day 
appointed by the Governor or President as 
a day of thanksgiving or general cessation of 
business. Holidays falling on Sunday are 
observed Monday. Instruments falling 
due on Sunday or a holiday are payable on 
the next succeeding business day, and a bill 
or note falling due on Saturday is payable 
before noon, and if not then paid, shall be 

[109] 



The National City Bank 



payable and may be protested on the fol- 
lowing Monday. 

Wisconsin The legal rate of interest is six per 
cent; by contract ten per cent. The 
penalty for usury is forfeiture of entire 
interest and treble excess paid is recover- 
able. No grace is allowed. 

The Statute of Limitations applies in six 
years on open accounts and municipal 
bonds, notes and contracts, in ten years on 
foreign judgments and sealed instruments 
accruing without the state, and in twenty 
years on domestic judgments and other 
instruments under seal. 

January 1st, February 22nd, May 30th, 
July 4th, Thanksgiving, General Election 
Day, December 25th and a day set apart for 
Labor Day by the Governor are legal holi- 
days. Holidays falling on Sunday are 
observed Monday. Instruments falling 
due on Sunday or a holiday are payable the 
next succeeding business day. 

The Negotiable Instruments Law went 
into effect on May 15th, 1899. Notes due 

[HO] 



Interest Rates and Holidays 



on Saturday, however, are presentable for 
payment or acceptance the same day. 

The legal rate of interest is eight per cent; Wyoming 
by contract twelve per cent. The penalty 
for usury is forfeiture of interest and costs. 
Grace is allowed, except on demand drafts. 

The Statute of Limitations applies in 
eight years on open accounts, in five years 
on notes, contracts, judgments and instru- 
ments under seal, and in ten years on 
bonds required by statute. 

January 1st, February 12th, February 
22nd, May 30th, July 4th, Arbor Day, 
Thanksgiving, General Election Day and 
December 25th are legal holidays. Holidays 
falling on Sunday are observed on Mon- 
day. Instruments falling due on Sunday 
or a holiday are payable the next preceding 
business day. 



[Ill] 



The National City Bank of New York 



Original Charter Dated 1812 



Capital Fully Paid Shareholders' Liability 

$25,000,000.00 $25,000,000.00 

Surplus and Undivided Profits 
$17,000,000.00 



James Stillman, President 



Samuel Sloan, Vice-President 
A. G. Loomis, Vice-President 
G. S. Whitson, Vice-President 
F. A. Vanderlip, Vice-President 
Wm. A. Simonson, Vice-President 



Horace M. Kilborn, Cashier 
W. H. Tappan, A sst. Cashier 
A. Kavanagh, Asst. Cashier 
J. A. Stillman, Asst. Cashier 
S. E. Albeck, Asst. Cashier 



John E. Gardin, Mgr. Foreign Exchange Defit. 



Directors 



Francis m. Bacon 

Of Bacon & Co., 92 Franklin Street 

Cleveland H. Dodge 

Of Phelps, Dodge & Co., 99 John Street 

Charles S. Fairchild 

Chairman New York Security and Trust Co. 

Henry C. Frick 

Pittsburgh, Pa. 

Edward H. Harriman 

Chairman Union Pacific R. R. Co. 

Henry O. Havemeyer 

President American Sugar Refining Co. 

117 Wall Street 

Archibald G. Loomis, Vice-President 

John A. McCall 

President of the New York Life Insurance Co. 

Cyrus H. Mccormick 

President McCormick Harvesting Machine Co. 

Edwin S. Marston 

President Farmers' Loan and Trust Co. 

Stephen S. Palmer 

President New Jersey Zinc Co., 71 Broadway 

George w. Perkins 

Of J. P. Morgan & Co., 23 Wall Street 



JAMES H. POST 

Of B. H. Howell, Son & Co., 109 Wall Street 

M. Taylor Pyne 

52 Wall Street, New York 

William Rockefeller 

Of the Standard Oil Co. 

John W. Sterling 

Of Shearman & Sterling, 46 Wall Street 

Jacob h. schiff 

Of Kuhn, Loeh & Co., 52 and 54 William Street 

JAMES STILLMAN, President 

James A. Stillman 

52 Wall Street, New York 

William Douglas Sloane 

Of W. & J. Sloane, 884 Broadway 

Samuel Sloan 

Of the Delaware, Lackawanna & Western 

R. R. Co. 

Henry A. C. Taylor 

52 Wall Street, New York 

Moses Taylor 

Vice-President Lackawanna Iron and Steel Co. 

P. A. Valentine 

Of Armour & Co. 



JAN 3 1905 



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